100% US tariffs incoming for India? Russia sanctions bill authored by late Lindsey Graham clears first Senate hurdle
The US Senate advanced a sweeping sanctions bill on Russian energy on Tuesday which might give US President Donald Trump the authority to impose heavy
The US Senate advanced a sweeping sanctions bill on Russian energy on Tuesday which might give US President Donald Trump the authority to impose heavy sanctions on Russian officials as well as upto 100% tariffs on nations like India and China in order to deter them from buying Russian oil and gas. The bill was passed soon after the funeral of late Senator Lindsey Graham, who was its author. Graham's funeral in Washington DC was also attended by Ukraine President Volodymyr Zelensky.
Graham was one of the most vocal supporters of Ukraine in Washington DC in its war against Russia. 86 Senators voted in agreement with the bill while 12 voted against it. The bill seeks to impose sanctions on officials in the Russian government as well as authorise the government to issue tariffs as high as 100% on nations like India, China, and other countries in order to force them to reduce their purchase of Russian oil and gas.
US President Donald Trump said that he would be supporting the measure, after asking that sanctions on Iran be added to it, which they have. The US has now been in war with Iran for more than five months, with a conclusive ceasefire deal still out of reach. Although Democrats are generally supportive of these sanctions, the authority that Trump could get to impose tariffs has raised concerns among them over potentially higher import costs that may affect Americans.
These concerns threaten the prospect of this legislation passing the Senate and the House of Representatives when it resumes operations in September. It the bill becomes law, Trump will not only get the authority to impose tariffs as high as 100% on India, Japan, some members of the European Union, but will also have the discretion to lift them when he chooses.
The BriefWire