US President Donald Trump has announced sweeping tariffs, imposing a minimum 10% levy on nearly all nations worldwide, with additional higher rates targeting approximately 60 countries. Notably, Russia was missing from the list of countries.
During his announcement, Trump held up a board listing around 50 countries, detailing the tariffs each imposed on the United States and the reciprocal duties the US would slap. Notably, while many nations were included, Russia’s name was absent from the list.
When questioned, press secretary Karoline Leavitt explained to Axios that Russia’s omission was due to existing US sanctions that “preclude any meaningful trade.”
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Yet, America’s trade volume with Russia surpasses that of several included nations, such as Mauritius and Brunei.
The tariff list was remarkably comprehensive, including tiny territories like Tokelau (pop. 1,500) in the South Pacific and Svalbard (pop. 2,500) in the Arctic Circle, which belong to New Zealand and Norway respectively. Leavitt clarified that Cuba, Belarus and North Korea were also excluded due to pre-existing high tariffs and sanctions.
US-Russia trade statistics show a dramatic decline from approximately $35 billion in 2021 to $3.5 billion last year, following sanctions imposed after Russia’s Ukraine invasion.
US and Russia improving ties
Recently US was seen siding with Russia in the international organisation. To everyone’s surprise, US supported Russia in UNGA. US voted against the European-drafted resolution condemning Moscow’s actions and supporting Ukraine’s territorial integrity.
And then again in the UN Security Council (UNSC) Russia and US approved a US-backed resolution calling for a swift end to the conflict that avoided labelling Russia as the aggressor or acknowledging Ukraine’s territorial integrity.
Trump seeks more trade with Russia: Report
According to a report by Forbes, Trump is seeking an enhanced trade relations with Russia while implementing tariffs to limit trade with other nations.
Economic experts highlight that Canada, Mexico and Europe present significantly more commercial prospects than Russia. They challenge the rationale behind Trump’s tariff strategy aimed at reducing trade deficits.
Notably, the United States has historically maintained a substantial trade deficit with Russia, Trump’s preferred trading partner.
Following a telephone discussion between Donald Trump and Vladimir Putin on March 18, 2025, the White House announced, “The two leaders agreed that a future with an improved bilateral relationship between the United States and Russia has huge upside. This includes enormous economic deals and geopolitical stability when peace has been achieved.”
Trump frequently discusses potential trade arrangements with Russia and contemplates easing sanctions, despite Russia’s continuing Ukrainian invasion and UN-documented human rights violations, including civilian targeting and the kidnapping of approximately 20,000 Ukrainian children.
Analysis of US-Russia trade statistics reveals two significant points. Firstly, bilateral trade volumes are relatively modest, totalling roughly $3.5 billion in 2024 and $36 billion in 2021. By comparison, US-Canada trade reached $762 billion in 2024.
The United States maintains a considerable trade deficit with Russia, contradicting Trump’s stance on trade imbalances with other nations. Before sanctions following Russia’s Ukraine invasion, 2021 figures show US exports to Russia at $6.4 billion against imports of $29.6 billion, creating a $23 billion deficit. Similar patterns appear in other years, with US exports primarily comprising chemicals, machinery and transport equipment, whilst importing oils, chemicals and metals.
Specialists indicate Russia presents an unfavourable and potentially dangerous environment for international businesses.
During U.S.-mediated ceasefire discussions, which have now largely halted, Russia requested Trump to reduce some sanctions. Trump recently threatened Russia with secondary oil tariffs and expressed anger towards Vladimir Putin regarding his Ukraine statements.
Leavitt indicated possible “additional strong sanctions” against Russia.
Notably, Canada and Mexico were also absent from Trump’s extensive tariff list. Leavitt confirmed this was because of existing 25% tariffs on both nations.