President Donald Trump said he will reduce a previous 50-day deadline he issued to Vladimir Putin to reach a peace deal with Ukraine after admitting the Russian leader seems to have no intention of complying with it.

WASHINGTON, July 25 (Reuters) - U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success, especially in China.

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.

Fresh off his announcement of securing a trade deal with the European Union, President Donald Trump hopes he can do the same with China.

Both oil benchmarks rose, extending earlier gains, after Trump said he would shorten the 50-day deadline for Russia to reach a truce with Ukraine.

More than a dozen countries stand in the crosshairs of Trump's threat to impose 100% tariffs over their economic ties to Russia.

US President Donald Trump’s latest threat of 100% tariffs on Russia would risk complicating relations with two nations crucial to his economic and strategic goals: China and India.Trump on Monday threatened tariffs of about 100% on Russia unless it reached a peace deal with Ukraine in the next 50 days,