Trade volume shrinks to one-tenth since the Ukraine war
Axios reports “more trade with Russia than some countries on the tariff list”, [Washington=AP/Newsis] U.S. President Donald Trump hosts an event titled ‘Make America Wealthy Again’ in the Rose Garden of the White House on the 2nd (local time), announcing reciprocal tariffs by country. A 25% tariff was imposed on South Korea. April 3, 2025., “[Seoul=Newsis] Reporter Kim Nanyeong – Trump’s ‘reciprocal tariffs,’ which don’t discriminate between allies and competitors, have skipped over adversary Russia. The Trump administration believes that reciprocal tariffs do not offer significant benefits based on current trade volume.”,
, ‘White House spokesperson Caroline Leavitt stated to Axios on the 2nd (local time) that Russia has been excluded from the reciprocal tariff list. On the same day, President Donald Trump imposed reciprocal tariffs on most countries, including allies such as South Korea and Japan, as well as competitor China.’,
, ‘Spokesperson Leavitt explained that Russia is already unable to maintain a meaningful trade relationship with the U.S. due to existing sanctions. In reality, U.S.-Russia trade has dropped to one-tenth of its annual $35 billion (approximately 51.4 trillion KRW) volume since the outbreak of the Ukraine war in 2022.’,
, ‘Besides Russia, North Korea, Cuba, and Belarus have also escaped the axe of reciprocal tariffs. North Korea and Cuba are listed as state sponsors of terrorism by the U.S. State Department and are subject to U.S. export controls and economic sanctions. Belarus is also sanctioned by the U.S. due to human rights issues.’,
, ‘However, Axios points out, “The U.S. still engages in more trade with Russia than with Mauritius and Brunei, both on the ‘Trump tariff’ list.” Based on trade volume, exempting Russia from the tariffs seems illogical.’,
, ‘Regarding this, spokesperson Leavitt emphasized that Russia could face “additional strong sanctions” in connection with cooperation on a Ukraine ceasefire. President Trump has stated he may impose ‘secondary tariffs’ on Russian oil depending on ceasefire cooperation.’,
, “Meanwhile, neighboring countries Canada and Mexico have not been included in this round of reciprocal tariffs. They were the ‘first targets’ of tariffs during Trump’s second term, as they already faced a 25% tariff, according to the White House.”,
, ‘As for Canada and Mexico, tariffs on items under USMCA, agreed during Trump’s first term, have been deferred. For some items, this deferment comes with a one-month deadline, though it is unclear if this will be extended.’,
,