US Senate passes bill calling for 100 percent tariffs on India and China

The US Senate has passed a long-awaited and bipartisan bill by the late US Senator Lindsey Graham. The bill, which was prepared to impose additional restrictions on major buyers of Russian oil and expand sanctions on Iran, is finally set to pass.

Under the bill, US President Donald Trump has been given special powers to impose tariffs on the top five buyers of Russian oil or natural gas, including India and China.

The bill passed the Senate by a huge margin of 86-12, surpassing the required 60 votes. Almost all Republicans and most Democrats supported the bill.

It is worth noting that this bill also has the direct support of US President Trump.

The bill was introduced in the Senate just hours after a memorial service for Senator Lindsey Graham, who died unexpectedly earlier this month. Shortly before, Ukrainian President Volodymyr Zelensky met with senators on Capitol Hill. Zelensky was there to pay tribute to the late Republican senator, who was known for his outspoken criticism of Russian aggression.

The bill would impose sanctions on Russian government officials, influential businessmen (oligarchs), financial institutions and a “shadow fleet” or secret ships used to evade Moscow’s oil export sanctions. In addition, President Trump has been given the authority to impose tariffs of up to 100 percent on top buyers of oil and gas from Russia (particularly China and India).

However, the bill provides some exemptions or exceptions for countries that import less than 15 percent of their natural gas from Russia and are gradually taking steps to reduce this dependence. The bill, at Trump’s request, also extends previous sanctions on Iran’s energy and weapons sectors.

The bill is named after the late Senator Graham, who spent more than a year lobbying for the bill and reached an agreement with the White House on a revised version just days before his death.

Supporters of the bill say that cutting off Moscow’s energy revenues is essential to stop President Vladimir Putin’s war funding as the war in Ukraine enters its fifth year.

“There is no better way to honor Senator Graham’s memory than by moving forward with this bipartisan agreement,” six Republican and Democratic senators said in a joint statement.

While there is broad support for punishing Russia, some Democrats have expressed concerns. They say the ability to impose tariffs would give Trump additional authority, which could raise prices for American consumers or hurt European allies.

After a final vote in the Senate, it will be sent to the House of Representatives for approval. With the House already in recess for the summer, it is unlikely to be considered before September.

Source: NDTV