Imposing Tariffs of Up to 100% on China
According to the latest news from Reuters and Bloomberg, a new sanctions bill targeting Russia, spearheaded by the late Republican Senator Lindsey Graham and backed by US President Donald Trump, would target the top five buyers of Russian crude oil and natural gas, including China and India.
Bloomberg reports that this measure, negotiated by a bipartisan group of senators, would authorize Trump to impose tariffs of up to 100% on countries including China and India.
This would increase economic pressure on Moscow, forcing an end to the four-year-long Russia-Ukraine war. 100%. According to an earlier Reuters report cited by Bloomberg, Graham believes China can play a decisive role in pushing Russia back into peace talks, thereby helping to end the Russia-Ukraine war, and stated that the coming months will be a crucial window for resolving the conflict through diplomatic means.
The Bloomberg report also analyzes that if Trump implements these tariffs, it could further impact the already volatile trade relations between the US and China and India.
This is not the first time the US has attempted to punish countries that buy Russian oil. Last year, the US imposed an additional 25% tariff on India to punish its imports of Russian oil, subsequently lifting these tariffs in February of this year.
The US had temporarily authorized countries to purchase Russian oil in April. This now-expired measure applied to crude oil that would otherwise have been subject to sanctions, aiming to alleviate rising energy prices during the Iran-Iraq war.
