The US economy will feel the pain if Trump goes ahead with his plan to whack countries buying Moscow’s oil with fresh tariffs on their goods.

U.S. President Donald Trump again threatened on Monday to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests,

If enacted, the measures would represent the first U.S. sanctions targeting Moscow since Donald Trump returned to the presidency in January.

Donald Trump’s administration is considering additional sanctions on Russia’s ‘shadow fleet’ of oil tankers if President Vladimir Putin does not agree to a ceasefire in Ukraine by Friday. Blacklisting vessels in the fleet would mark the first time the US has imposed sanctions on Moscow since Trump returned to the White House in January.

President Donald Trump’s trusted foreign envoy Steve Witkoff is due in Moscow on Wednesday after the Kremlin requested a meeting with him in a last-ditch effort to avoid the punishing new sanctions Trump has threatened to impose this week,