Trump is calling his tariff policy "kind reciprocal," saying he could've been much harsher on US trading partners.

European stocks continued to drop shortly after the market open today, albeit at a much slower rate than yesterday’s huge losses, as investors around the world continue to reassess their trades in the wake of the Trump administration’s announcement of sweeping global tariffs.

Russia must take extra measures to minimise the negative impact on its economy from global market turbulence due to tariffs imposed this week by U.S. President Donald Trump, the Kremlin said on Friday.

"We have to hit Republican states and we have to hit Donald Trump's friends," a top European official told his colleagues.

One country that did not feature on Donald Trump's list of tariffs on US trade partners was Russia. US outlet Axios quoted White House Press Secretary Karoline Leavitt as saying this was because existing US sanctions on Russia "preclude any meaningful trade" and noting that Cuba,

The U.S. may soon levy 10% tariffs on an Antarctic island largely populated by penguins, though “seals are also prominent.”

Russia was notably absent from the sweeping tariffs that U.S. President Donald Trump announced on Wednesday, which are set to affect almost the entire world. The White House said sanctions imposed on Moscow because of Russian President Vladimir Putin's full-scale invasion of Ukraine had already ensured that there was no meaningful trade between the countries.

The Russian economy, mainly insulated from Western markets by sanctions, has escaped immediate damage from sweeping U.S. tariffs but the Kremlin said on Friday it needs to take extra measures to minimise the impact of resulting market turbulence.