The US economy will feel the pain if Trump goes ahead with his plan to whack countries buying Moscow’s oil with fresh tariffs on their goods.

"The key channel by which secondary tariffs on buyers of Russian energy could impact the global economy would be through the level of energy prices," says Kieran Tompkins from the consultancy Capital Economics. If the tariffs work, they will cut the flow of Russian oil and gas to global markets.

Donald Trump’s administration is considering additional sanctions on Russia’s ‘shadow fleet’ of oil tankers if President Vladimir Putin does not agree to a ceasefire in Ukraine by Friday. Blacklisting vessels in the fleet would mark the first time the US has imposed sanctions on Moscow since Trump returned to the White House in January.