President Trump has turned up the heat on NATO allies, saying he is ready to impose major sanctions on Russia, but only if all NATO members act together and stop buying Russian oil.
In a recent Truth Social post, Trump criticized NATO saying “NATO’S commitment to WIN has been far less than 100%, and the purchase of Russian Oil, by some, has been shocking”. He said it significantly weakens their negotiating power with Russia.
Trump also proposed that NATO, as a group, should place 50–100% tariffs on China, to be lifted once the Russia-Ukraine war ends. He claims that this move would pressure China to break its grip on Russia and help bring the conflict to a close.
He also said that this war would never have started under his presidency, calling it Biden and Zelenskyy’s conflict.
In an interview with Fox News on Friday, Trump said that his patience with Russian President Vladimir Putin is running out fast.
And this isn’t the first time either. Trump previously threatened sanctions on Moscow and on countries buying its oil, including major buyers China and India, if the war in Ukraine isn’t resolved. He has slapped a 25% tariff on Indian goods for continuing to import Russian oil, but has not taken a similar action on China.
Tensions are spiking. Several Russian drones recently flew into Poland, escalating matters by entering the airspace of a NATO ally. The United States pledged Friday to defend “every inch of NATO territory” after the drones entered Polish airspace, during an attack on Ukraine.
Meanwhile, Peace talks between Russia and Ukraine are currently on “pause,” with President Zelensky warning that Putin still aims to capture all of Ukraine.
Despite these geopolitical developments, crypto markets remain relatively muted to this development. Bitcoin has held above the $115,000 level, while altcoins are also trading in green – even leading to increased calls for the start of “Altcoin season”.
The global crypto market cap now stands at $4.19 trillion, up 1.9% in the last 24 hours.
Investor Ted notes that the U.S. markets are hitting new highs across the board with gold, stocks and even global money supply (M2) are all at record level, while the national debt continues to climb. Bitcoin is also just 7% away from its all-time high. Yet, the U.S inflation remains at 2.9%, far above the Fed target.
Trump has commanded immense power over the global markets in the past few months and this isn’t an exception. All eyes are on his next policies and the impact they will create.
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