Trump: 500% Tariff for Buying Russian Oil
Republican senator Lindsey Graham, according to reports, announced that the US President has thrown his weight behind the bipartisan Russia sanctions Bill.
New Delhi:US President Donald Trump has reportedly lent his support for a Bill moved in the US Congress that could raise tariffs on countries buying Russian oil, including India, up to 500 per cent once the US Congress approves it. The sanctions Bill, if passed, will give the US President "tremendous leverage" against countries purchasing cheap oil from Moscow. Trump also withdrew the US from over 60 international organisations, including UN bodies and the India-France-led International Solar Alliance, calling the institutions “redundant” and “contrary” to America's interests.
Republican senator Lindsey Graham, according to reports, announced that the US President has thrown his weight behind the bipartisan Russia sanctions Bill. “After a productive meeting today with Trump on a variety of issues, he (the US President) greenlit the bipartisan Russia sanctions bill. I look forward to a strong bipartisan vote, hopefully as early as next week.” he was quoted as stating.
“This Bill will give the US President tremendous leverage against countries such as China, India and Brazil to incentivise them to stop buying the cheap Russian oil that provides the financing for (Russian President Vladimir) Putin’s bloodbath against Ukraine,” the Republican senator added.
According to media reports, the Russia sanctions Bill introduced in the Senate earlier has so far got 84 co-sponsors out of a total of 100 Senate members and 151 co-sponsors in the US House of Representatives, indicating that it could be passed overwhelmingly when the US Congress votes on it.
The US had already imposed 50 per cent tariffs on Indian exports in August last year, half of which is a penalty for buying Russian oil.
“I’m hoping we’ll bring the (tariff) bill up…it’s from 0 to 500 per cent. He (Trump) picks the number (tariff rate). Nobody else does. But if you’re buying cheap Russian oil, keeping Putin’s war machine going, we’re trying to give the President the ability (through the bill) to make that a hard choice by tariffs,” Graham had stated earlier in the week. He had also said that he believes that what Trump “did with India is the chief reason India is now buying substantially less Russian oil”.