Key Takeaways
- President Trump has shortened the deadline for Russia to reach a peace deal with Ukraine to 10-12 days, threatening "secondary sanctions" and up to 100% tariffs on Russian oil exports if no agreement is met. This has led to a rise in crude oil prices, with Brent trading above $70 a barrel.
- Discussions between U.S. and Chinese officials in Stockholm are aimed at extending a tariff truce and setting the stage for a potential meeting between President Trump and President Xi Jinping later this year, possibly around the APEC summit in South Korea.
- Trump expressed deep concern over the humanitarian crisis in Gaza, stating that "those are kids that are starving" and that the images are "horrific," contradicting Israeli Prime Minister Benjamin Netanyahu's claim of no starvation in Gaza.
- The President indicated he might not attend the upcoming G20 Summit in South Africa, potentially sending a representative instead, despite earlier reports from South African officials confirming his attendance.
- Trump reiterated his stance on energy policy, urging the UK to "open up its North Coast for oil drilling" and criticizing the reliance on "windmills" as a reason for high energy costs.
President Donald Trump has intensified his pressure on Russia regarding the conflict in Ukraine, issuing a new, significantly shorter deadline for a peace agreement. The President stated that Russia has "10 or 12 days" to reach a deal with Ukraine, or face the imposition of "secondary sanctions" and potentially 100% tariffs on its oil exports. This ultimatum follows a previous 50-day deadline that Trump had set earlier in July. The announcement has fueled concerns about potential disruptions to global crude supplies, contributing to a rise in oil prices, with Brent crude trading above $70 a barrel and West Texas Intermediate (WTI) around $67.
On the trade front, U.S. Treasury Secretary Bessent reported that a meeting with China went well, with discussions focused on the mutual desire for teams to continue negotiations. While President Trump initially stated he was not seeking a summit with Chinese President Xi Jinping, he later clarified he might visit China if invited by Xi, an invitation he says has been extended. These ongoing trade talks in Stockholm are aimed at extending a tariff truce and are seen as crucial groundwork for a potential meeting between the two leaders later this year, possibly coinciding with the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
Regarding the humanitarian situation in Gaza, President Trump expressed strong concern, noting the "horrific" photos and the reality that "those are kids that are starving." His remarks contradict Israeli Prime Minister Benjamin Netanyahu's assertion that there is no starvation in Gaza. Trump emphasized the need for humanitarian assistance, stating that the U.S. would work with other countries to provide more food and sanitation and would set up "food centers" with no fences or boundaries to ease access.
In other developments, President Trump indicated uncertainty about his attendance at the upcoming G20 Summit in South Africa, suggesting he might send a representative instead. This comes despite earlier confirmations from South African President Cyril Ramaphosa that Trump would attend. On energy policy, Trump continued to advocate for increased domestic and international oil production. He advised the UK to "open up its North Coast for oil drilling" and criticized the use of windmills as a cause of high energy costs, reiterating his "drill, baby, drill" campaign stance.
Finally, the President also touched upon the progress of the new Air Force One aircraft from Boeing (BA), stating he might be on the new plane by February. This comment follows previous complaints from Trump about delays and cost overruns associated with the project.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.