President Donald Trump plans to impose tariffs on countries purchasing Russian oil, including China, India, and Brazil, Republican Senator Lindsey Graham said. “These countries buy about 80% of cheap Russian oil,

US Senator Lindsey Graham has warned that Trump is planning tough economic action against countries still importing oil from Russia, naming India, China, and Brazil as top targets.

Donald Trump’s threat to sanction countries that buy Moscow’s fuel has many pitfalls. The US president could instead crush Russia’s $160 bln of oil revenue by persuading India to cut its purchases, convincing Saudi Arabia to pump more crude and slashing the G7 price cap.

President Trump’s plan to impose a 100 percent tariff on Russian goods could raise the cost of urea, a key fertilizer in corn and other row crops.

US President Trump is antagonising friends and rivals alike, inadvertently reinforcing an anti-US bloc. It is quite possible that the world may be witnessing the unintended handover of global leadership from Washington to Beijing and Moscow.

Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine.

Major U.S. corporations and trading partners are scrambling to adapt to a new global economy, even as President Donald Trump mulls the imposition of historic tariffs in less than two weeks.

The company, which owns Jeep, Peugeot, Fiat and other brands, said it might soon have to begin raising prices.