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cover of episode April 8th, 2025: How The Economic Turmoil Is Crushing Russia & The EU Offers Zero Tariffs

April 8th, 2025: How The Economic Turmoil Is Crushing Russia & The EU Offers Zero Tariffs

2025/4/8
logo of podcast The President's Daily Brief

The President's Daily Brief
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President Trump's new tariffs have caused a sharp drop in global oil prices, threatening Russia's ability to fund its war in Ukraine. Russia's economy is heavily dependent on oil and natural gas exports, and the current price drop is significantly below Moscow's expectations, potentially leading to difficult financial decisions for the Kremlin.
  • Oil prices have dropped to around $64 a barrel following Trump's tariff announcement, the lowest since 2021.
  • Russia's economy relies on oil and natural gas exports for roughly a quarter of its federal budget.
  • Russia's 2025 budget was built around oil trading at $70 per barrel, but current prices are much lower.
  • Reduced oil revenues could force Russia to raid its reserves, hike taxes, or borrow heavily.
  • A sustained slump in oil prices could undermine Putin's ambitions in Ukraine.

Shownotes Transcript

In this episode of The President's Daily Brief:

  • Russia’s war chest takes a hit as global oil prices plunge following President Trump’s sweeping new tariffs, threatening the Kremlin’s ability to finance its war in Ukraine.

  • The European Union offers to eliminate all industrial tariffs on the United States—a deal Senate Republicans want President Trump to embrace.

  • Israeli Prime Minister Benjamin Netanyahu visits Washington for high-stakes talks with President Trump. Here’s what we know.

  • And in today’s Back of the Brief: At least 21 people are dead after deadly storms rip through the Midwest and South, causing widespread flooding and devastation.

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