President Donald Trump warned on Monday that he would impose secondary tariffs of 100% on Russia if a peace deal with Ukraine isn’t reached within 50 days. “We are going to be doing very severe tariffs if you don't have a deal in 50 days, perhaps 100%,” he said during a meeting with NATO Secretary-General Mark Rutte. These secondary tariffs would penalize any country trading with Russia, allowing the U.S. to impose steep duties on imports from those nations. While U.S. trade with Russia dropped to $3.5 billion in 2024, indirect trade routes remain significant. Trump’s proposed 100% rate is notably lower than a Senate-backed bipartisan bill, the Sanctioning Russia Act of 2025, which seeks a 500% tariff on Russian imports and similar secondary tariffs on countries buying Russian oil, gas, uranium, or petroleum. A Senate vote could happen later this month, according to Majority Leader John Thune. Key U.S. partners potentially affected include China, India, South Korea, and Turkey.

Trump Threatens 100% Secondary Tariffs on Russia

New Zealand shares fell 13 points or 0.1% to 12,665 on Tuesday morning, extending losses for the fifth straight session. Caution prevailed amid concerns over rising U.S. tariffs, especially after President Trump on Monday warned of severe tariffs on Russia if a peace deal with Ukraine isn’t reached within 50 days. Investors also remained vigilant ahead of key Chinese data releases due later today, including June activity figures and Q2 GDP. On the domestic front, New Zealand’s services sector contracted for the fifth consecutive month in June, with activity remaining below the long-term average. However, losses were limited by stronger-than-expected Chinese trade data for June, as exports rose more than forecast and imports grew for the first time this year. Dragging the NZX 50 were declines in Sky Network Television (-2.64%), Skellerup Holdings (-2.2%), Summerset Group (-1.2%), and Fisher & Paykel Healthcare (-1.0%).

NZX 50 Falls for 5th Session on Tariff Jitters

The Ibovespa fell 0.6% to close at 135,299 on Monday, as investors grappled with the prospect of a 50% US tariff on Brazilian exports, threatened alongside newly announced 30% duties on the EU and Mexico, which would directly pinch key commodity and manufacturing exporters. Domestically, May’s IBC-Br economic activity index fell 0.7% month-on-month, marking the first contraction of the year and underscoring a sharper slowdown than economists had forecast, driven in large part by weakness in agriculture and industry. Against this backdrop, corporate heavyweight stocks from Petrobras and Vale to Embraer have come under pressure, Petrobras fell 0.8% on concerns about fuel demand and refining margins, Vale dropped 1.3% on softer iron-ore prices, and Embraer was hit by looming aircraft tariffs, while financials have struggled amid tighter credit growth and talk of expanding the IOF tax on financial transactions.

Ibovespa Starts the Week in the Red

The S&P/TSX Composite rose 0.7% to close at a fresh record of 27,199 on Monday, as a wave of strength in technology and industrial names offset renewed US tariff jitters. Thomson Reuters powered the advance with an 7.7% surge after unveiling stronger-than-expected subscription growth, while Shopify vaulted 4.3% on the back of encouraging merchant metrics. Beneath the surface, Statistics Canada’s May wholesale trade data, showing a 0.1% gain led by personal and household goods, reinforced evidence of resilient domestic demand, and firm commodity prices lent additional underpinning to the market’s upside. Nonetheless, a broader rally was tempered by President Trump’s weekend threat of 30% duties on imports from the EU and Mexico, on top of Canada’s pending levies, reviving fears of a global trade slowdown and prompting a cautious rotation out of export-sensitive sectors.

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Trump Threatens 100% Secondary Tariffs on Russia

NZX 50 Falls for 5th Session on Tariff Jitters

Ibovespa Starts the Week in the Red

TSX Hits All-Time High