By Admin 
US President Donald Trump’s tariff policy (US President Donald Trump Tariff Policy) has caused a ruckus in the entire world. In the global stock market, only red is seen red everywhere. This tariff policy of Trump has not only put China, India or other countries in trouble, but it has also created a big economic crisis over Russia. Actually, Russia’s economy, which is mainly dependent on oil, gas and mineral exports, is moving towards a serious crisis.
What is the whole matter?
On Monday, there was a huge decline in crude oil prices, where Russia’s Urals crude oil reached close to $ 50 per barrel. The decline occurred when former US President Donald Trump announced a tariff globally. Under Trump’s new tariff policy, 34 percent of goods from China, 26 percent on India and 20 percent on imports from European union have been imposed. Apart from this, an additional 10 percent tariff has also been imposed on the whole world.
The fall in oil prices has a direct impact on Russia’s income. In March itself, the country’s oil and gas earnings had fallen by 17 percent and the situation has worsened in early April itself.
What did Russia say?
Reacting to this, Kremlin spokesman Dimitri Peskov said that the government is keeping an eye on this situation and will take necessary steps to reduce its effect. This whole incident did not only affect Russia, but there has been upheaval in the financial markets of the whole world. In just 72 hours, wealth of more than Trillian dollars was erased from global markets. The price of the American benchmark WTI crude came to $ 60 per barrel, while the international brent crude reached $ 64 per barrel.
Trump said everything is fine
However, amidst all this, Donald Trump claimed on his social media platform ‘Truth Social’ that everything is fine. He wrote, “Oil prices are below, interest rates are also low, there is no inflation and America is now earning billions of dollars every week through tariffs.” He attacked China directly and said that China has been exploiting America for decades and now he has been taking revenge by imposing 34 percent additional tariffs, which is wrong.
Russia’s economy in crisis
This entire situation has seriously challenged Russia’s economy, because its biggest source of earning oil is now in danger. In other countries of the world, the recession of recession is being heard and investors are in dilemma. It will have to be seen further how Russia recovers from this crisis and will Trump’s policies affect the global economy further.
Also read: Global Market Crash: Global market shakes with Trump’s tariff bomb! There was an outcry in the stock market of the whole world including India