President Donald Trump excluded Russia and North Korea from his” Liberation Day” taxes announcement Wednesday, leaving many wondering why he would control friends like the European Union, but not others.
A White House official told the Washington Examiner that both North Korea and Russia currently face incredibly high taxes and sanctions by the United States, so the extra tariffs were superfluous.
Russia is now under 28, 595 different American sanctions.
But, deal between Russia and the United States is no nonexistent. In 2024,$ 3.5 billion worth of goods were traded between the United States and Russia. Goods imported from Russia to the United States in 2024 declined by 34.2 % from 2023. In 2021, prior to Russia invading Ukraine, the United States and Russia traded between$ 36 billion in goods.  ,
While Russia may not be hit with mutual taxes, there is concern from the Kremlin that the mutual taxes could trigger a global decline, resulting in a hit in their fuel prices.  ,
Earlier this year, the Soviet central banks warned that the United States and OPEC may overflow the oil industry. In the 1980s, the surplus and poor demand of fuel caused a price decline, which eventually led to the fall of the Soviet Union.
Property MARKET TUMBLES AFTER TRUMP’S ‘ LIBERATION DAY ‘ Taxes
However, North Korea does not import any products to the United States, but North Korea did buy$ 183, 000 in products from the United States.  ,
Trump unveiled a minimum of 10 % bilateral tax rate on lots of places on April 2, dubbed” Liberation Day”. China is among the countries with the highest tariff rate with a 34 % tariff implemented on top of an already imposed 20 % tariff on goods for a total of 54 % tariff.
