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U.S. President Donald Trump said "we’ll see what happens" regarding his threat to tariff nations that use Russian oil, which could increase import taxes dramatically on China and India.
"We have a meeting with Russia tomorrow," Trump said regarding the ongoing war in Ukraine. "We’re going to see what happens. We’ll make that determination at that time."
According to Associated Press the president said in response to a reporter’s question that he has not publicly committed to a specific tariff rate.
Trump also told reporters that he plans to name his pick to join the Fed Board of Governors soon, though he is choosing whether he’ll nominate someone to permanently join the board and possibly succeed Jerome Powell or simply serve out the remaining months-long term of Adriana Kugler, who resigned as a governor last week.
"I’ll be making that decision before the end of the week," Trump said.
The president repeated that he has four candidates to succeed Powell, whose term as chair ends in May 2026.
Trump has said Kevin Hassett, his White House economics aide, and Kevin Warsh, a former Fed governor, are two of his picks. He declined to name the two others.
Trump also repeated the notion that he may send some of the incoming tariff funds to the American people. "I think there’s also a possibility that we’re taking in so much money that we may very well make a dividend to the people of America," he said.
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