The bill has 84 co-sponsors and aims to stop India and China from trading with Russia, thereby weakening its war economy and pushing Russia to negotiate peace in Ukraine
US President Donald Trump.
US Senator Lindsey Graham said that a proposed Senate bill, approved by President Donald Trump, could impose 500% tariffs on countries that continue to trade with Russia, including India and China.
In an interview with ABC News, Graham said, “Big breakthrough here. So what does this bill do? If you’re buying products from Russia and you’re not helping Ukraine, then there’s a 500 percent tariff on your products coming into the United States. India and China buy 70 percent of Putin’s oil. They keep his war machine going.”
The bill has 84 co-sponsors and aims to stop India and China from trading with Russia, thereby weakening its war economy and pushing Russia to negotiate peace in Ukraine.
"My bill has 84 co-sponsors. It would allow the President to put tariffs on China and India and other countries to get them — stop them from supporting Putin's war machine, to get him to the table,” Graham said.
The Senator said President Donald Trump gave a nod to the bill during a golf game.
"For the first time yesterday, President told me — 'It's time to move your bill.' There's a waiver in the bill, Mr President, you're in charge of whether or not it's to be implemented,” the Senator said.
“But we're going to give President Trump a tool in the toolbox he doesn't have today. After the July break, we're going to pass a bill that would allow the President... we're in good shape. But the President has a waiver. It's up to him how to impose it, but we're trying to get Putin to the table,” he added.
The bill is expected to be introduced in August.
The bill was initially proposed in March, but the legislation was delayed after the White House signalled opposition.
According to a report by The Wall Street Journal, the Trump administration “quietly pressured” the Senate to soften the bill by turning the word “Shall” into “May” throughout the bill’s text, thereby changing its mandatory nature.
The report further said that Graham proposed a carve-out in the bill for countries supporting Ukraine - to prevent tensions among US-EU allies.
This bill could alter the United States’ trade relations with India and China, if enacted. As the US is India’s leading export market, it could have both economic and diplomatic consequences.
( Source : Deccan Chronicle )
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