Headlines
Russia, Cuba and North Korea escape worst of Trump's tariff wrath
Published by Global Banking & Finance Review®
Posted on April 3, 2025
3 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on April 3, 2025
3 min readLast updated: January 24, 2026
Trump's new tariffs target many nations but spare Russia, Cuba, and North Korea, citing existing sanctions and minimal trade.
By Guy Faulconbridge
MOSCOW (Reuters) - While U.S. President Donald Trump announced tariffs on allies and foes including Europe, India, Japan and China, some of the world's most heavily sanctioned countries - Russia, Belarus, Cuba and North Korea - avoided being singled out for special punitive treatment.
With the world gripped by trade war, Trump imposed a 10% tariff on most goods imported to the United States. China, the biggest supplier of goods to the U.S., now faces a 54% tariff on all exports to the world's biggest consumer.
"In the face of unrelenting economic warfare, the United States can no longer continue with a policy of unilateral economic surrender," Trump said as he presented the tariffs.
The White House released a list of comments from people praising his tariffs. They said ordinary American workers would benefit after years of what they described as abuse from trading partners such as China.
Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on dozens of countries. Russia, Cuba and North Korea did not appear on the list of countries facing higher 'reciprocal' tariffs released by the White House.
U.S. intelligence agencies said in their annual threat assessment that China, Russia, Iran and North Korea were the biggest potential nation-state threats to the United States and Trump had threatened Moscow with new trade measures.
Asked why Russia was not on the list, U.S. Treasury Secretary Scott Bessent told Fox News that the United States did not trade with Russia and Belarus and that they were under sanctions.
Goods trade between Russia and the United States was $3.5 billion last year, according to U.S. figures. In 2021, the year before the Russian invasion of Ukraine, it was $36 billion.
FUTURE UNCLEAR
White House Press Secretary Karoline Leavitt told Axios that Russia was left off because there was no meaningful trade with it, and Cuba, Belarus and North Korea were not included because existing tariffs and sanctions on them were already so high.
Russia, which is under more than 28,595 different Western sanctions, has classified trade data since the start of the war.
U.S. goods imports from Russia totaled $3.0 billion in 2024, down 34.2 percent from 2023, according to the office of the U.S. Trade Representative.
For Russia, though, the biggest risk is a potential slowdown in global demand from the wider tariff war - which could hit the price of oil.
The Russian central bank warned officials earlier this year that the United States and OPEC have the capacity to flood the oil market and cause a repeat of the prolonged price collapse of the 1980s - which contributed to the fall of the Soviet Union.
On Sunday, Trump told NBC News he was very angry after President Vladimir Putin criticised the credibility of Ukrainian President Volodymyr Zelenskiy, and the U.S. president suggested he could impose secondary tariffs of 25%-50% on buyers of Russian oil.
(Reporting by Guy Faulconbridge in Moscow and Christian Lowe in Kyiv; editing by Philippa Fletcher)
The article discusses Trump's tariffs and their impact on global trade, particularly how Russia, Cuba, and North Korea are spared.
They were spared due to existing high sanctions and minimal trade with the US.
China faces a 54% tariff on exports to the US, significantly impacting trade.
Explore more articles in the Headlines category
