The Kremlin’s gilded doors closed behind Steve Witkoff after three tense hours with Vladimir Putin. The verdict? A diplomatic goose egg. No movement on Ukraine. No concessions. Not even a token gesture to toss Donald Trump a headline.
Russia’s spin machine went into overdrive, calling the meeting “constructive and useful” — the same polite fiction they use when absolutely nothing happens. But the clock wasn’t just ticking; it was screaming. Trump’s sanctions deadline loomed, and Putin didn’t blink.
The Putin Playbook: Stall, Smirk, Repeat
On paper, Russian outlets like TASS and RIA Novosti insisted “signals were exchanged” over Ukraine. In reality, no one could explain what those “signals” were, or whether they were anything more than the usual Kremlin fog. More details? “After Witkoff briefs Trump,” they teased — diplomatic code for you’ll hear about it when we decide you need to.
The only visible progress came in the form of a stiff, camera-ready handshake between Putin and Witkoff, choreographed for state TV. Behind the smiles, the war grinds on. Since their last meeting in April, Russia’s missile and drone strikes on Ukraine have increased. If this was peace talk, it was peace in reverse.
Trump, who had been biting his tongue for weeks, finally bit through it.
From Moscow to New Delhi — in a Fury
Minutes after the meeting fizzled, Trump didn’t just pivot — he detonated. The White House slapped India with a 25% tariff on all imports, doubling many rates to a punishing 50%. The official trigger? India’s unapologetic purchases of Russian oil.
Trump’s executive order was blunt:
“I find that the Government of India is currently directly or indirectly importing Russian Federation oil. Accordingly... articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent.”
He’d been warning India for days. On CNBC’s Squawk Box, Trump all but drew a red line:
“They’re buying Russian oil. They’re fueling the war machine... and if they’re going to do that, then I’m not going to be happy.”
India crossed it anyway.
The Trade Deal That Died Overnight
Not long ago, U.S.–India relations were glowing under the warm light of an almost-finished trade deal. That optimism evaporated in under two weeks. After Trump accused China of bankrolling Putin on July 30, Indian officials fired back without flinching: We’re still buying Russian oil.
Trump took it personally. If Putin won’t feel the heat directly, Trump will turn up the flame under those who keep his war chest full.
But here’s the rub: Putin has made a career out of waiting out his opponents. He’s the master of the slow bleed, the drawn-out chess game. And if Trump’s hoping this squeeze on India will push Moscow to budge, history suggests he may be waiting a very long time.
Trump’s failed Putin gamble and sudden 25% tariff on all Indian imports could jolt global markets into risk-off mode. Stocks tied to India’s exports may tumble, the rupee could weaken, and forex volatility is likely to spike. Oil prices may swing as trade routes shift, while commodities like steel and aluminum see price jumps from supply disruptions.
#Crypto could see mixed action — possible buying in Asia as the rupee drops, but choppy moves in U.S. markets. Bottom line: traders should brace for heightened volatility across equities,
#forex , commodities, and crypto.
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