Trump’s call for lower oil prices to end Russia, Ukraine War

Come make your product in America, and we will give you among the lowest taxes of any nation on Earth – Donald Trump

President Donald Trump has called on Chinese President Xi Jinping to leverage China’s influence to help end the ongoing war between Russia and Ukraine. Speaking via video link at the World Economic Forum in Davos, Trump stated that China holds significant power over the conflict and revealed that he had discussed the issue directly with President Xi during a recent phone conversation.

“Hopefully, China can help stop the war between Russia and Ukraine. They have a great deal of power over that situation, and we’ll work with them,” Trump said. He added, “I mentioned this during our phone conversation with President Xi, and hopefully, we can work together to bring this to an end.”

China, however, has been criticized for its indirect support of Russia through the continued importation of Russian oil and its alleged provision of components used in the manufacturing of missiles.

Lower Oil Prices as a Strategy
Trump also proposed lowering global oil prices as a strategy to undermine Russia’s war efforts. He urged Saudi Arabia and OPEC countries to reduce oil prices, which would cut Russian energy revenues significantly.

“I was surprised to learn that if oil prices dropped, the Russia-Ukraine war could end almost immediately,” Trump said. In 2024, Russia earned an estimated £89 billion from oil and gas exports, making energy sales a critical source of funding for its military operations. With 47% of its crude exports going to China and 37% to India, Russia has continued to benefit from energy trade despite Western sanctions.

The Russia-Ukraine conflict has had far-reaching consequences globally, including in Nigeria. As one of the world’s largest wheat importers, Nigeria previously sourced 26% of its wheat from Russia and Ukraine. The war disrupted these imports, leading to soaring food prices and worsening food insecurity.

Additionally, Nigeria’s economy has been affected by rising global commodity prices, although the country has benefited from increased liquefied natural gas (LNG) exports to European countries seeking alternatives to Russian gas.

During his address, Trump criticized the Biden administration’s green energy policies, calling them a “green new scam.” He announced plans to boost fossil fuel production in the U.S., emphasizing the importance of coal as a “backup” energy source to stabilize manufacturing.

Trump also addressed international trade, taking aim at the European Union for what he described as unfair tariffs and environmental regulations. He proposed new tariffs on products imported into the U.S., while encouraging businesses to manufacture domestically. “Come make your product in America, and we will give you among the lowest taxes in the world,” he said.