Trump’s Tariff Tactics Escalate: Secondary Tariffs Deployed, Targeted Strategies Faded

TradingKey — The Trump administration’s evolving tariff policies have become a focal point of global economic and political discourse. While earlier rumors of narrower, targeted tariffs briefly eased market anxieties, weekend threats to revive sweeping secondary tariffs and broader measures have reignited fears of policy turbulence.

On Sunday, March 30, U.S. President Donald Trump issued dual threats during interviews, warning Russia and Iran of secondary tariffs — marking the second time he has floated this hybrid policy tool after earlier targeting Venezuelan oil.

Secondary tariffs, a blend of traditional tariffs and secondary sanctions, would impose levies on third-party nations or regions purchasing goods from sanctioned countries. Analysts note that while former President Joe Biden expanded existing economic statecraft tools, Trump appears intent on inventing entirely new ones.

Despite a fragile energy ceasefire between Russia and Ukraine, stalled peace talks and Russian President Vladimir Putin’s recent questioning of Ukrainian leader Volodymyr Zelenskyy’s legitimacy have drawn Trump’s ire. 

Global leaders suggest Trump is “losing patience” with Putin, urging tougher pressure. Trump vowed to impose 25%–50% secondary tariffs on Russian crude oil within a month if no ceasefire materializes.

Separately, citing sluggish progress on nuclear negotiations, Trump threatened Iran with secondary tariffs and potential military strikes on Tehran, declaring they have two months to comply.

Earlier reports hinted at Trump favoring narrower, sector-specific tariffs. However, The Wall Street Journal cited insiders stating his team now leans toward broader, higher-rate measures. 

Trump himself reinforced this shift aboard Air Force One, dismissing rumors of limiting tariffs to 10–15 nations: “You’d start with all countries, so let’s see what happens”.

Mounting policy uncertainty has propelled gold prices to historic highs, with spot gold hitting $3,104.21 per ounce at press time.