President Donald Trump may have expected a Russian shudder of fear to greet his threat of “very severe tariffs” on the country if it didn’t agree a ceasefire in Ukraine.

In response to the escalating threat, President Trump confirmed that the U.S. will send additional Patriot air defense missiles to Ukraine. He noted that the European Union would finance the purchase of what he described as "various pieces of very sophisticated" U.S. weaponry.

President Donald Trump opened his remarks alongside NATO Secretary-General Mark Rutte in the Oval Office on Monday by threatening "severe tariffs" against Russia. "We're very, very unhappy with them," Trump said of Russia. "And we're going to be doing very severe tariffs if we don't have a deal in 50 days."

Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption.

President Donald Trump threatened additional tariffs if Russia does not move forward on an agreement to end the war with Ukraine.

For the fifth time, the American president has threatened Russia with economic sanctions. The first four times, Trump failed to follow through.

Oil prices edged lower on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased concerns about any immediate supply disruption. Brent crude futures were down 15 cents at $69.