Economists are considering a new inflation risk: geopolitical tensions that keep upward pressure on prices, especially on the energy front.

The big picture: Despite messaging to the contrary over the weekend, a top White House official confirmed Monday that the administration will still impose heavy tariffs on India, a major buyer of Russian oil, second only to China. • That comes as the administration considers whether to impose even more economic penalties on Russia as its war against Ukraine drags on — a move that could reverberate across the global economy.

Driving the news: That uncertainty is part of the backdrop as European leaders and Ukrainian President Volodymyr Zelensky arrive in Washington, D.C., for talks about a path to end the war. • The high-stakes Trump-Putin summit

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