J.D. Vance reportedly said the U.S. and U.K. are currently "working very hard" on a trade deal and that there's a "good chance" the two sides will come to an agreement.

"Russia has been excluded from the tariff because it sells almost no goods which could be made in the United States," Christopher Weafer, CEO of Russia-focused consulting firm Macro-Advisory, told Newsweek. "But it still provides things the U.S. needs—titanium, nuclear fuel, fertilizer, and other materials such as platinum."