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US Senate advances bill threatening tariffs on India
NDTV··29 Jul
The US Senate passed a bipartisan bill 86 to 12, giving President Trump authority to impose tariffs of up to 100 percent on the world's top buyers of Russian oil and gas, including India and China. The bill also sanctions Russian officials, oligarchs, financial institutions and the shadow fleet used to evade restrictions on Moscow's oil exports.
Prism
What It Means For You
- Indian exporters and importers face potential tariff risk if the bill becomes law, though a 15 percent Russian gas import exception could apply.
- Consumers of goods traded between India and the US could see cost effects if tariffs of up to 100 percent are eventually imposed.
- Anyone following India-US relations gets a concrete marker of how energy purchases from Russia are shaping trade diplomacy.
What's Happening
- The US Senate passed a bipartisan bill 86 to 12, allowing President Trump to impose tariffs on top buyers of Russian oil and gas.
- The bill targets India and China among the world's top five Russian energy purchasers, with sanctions also aimed at Russian officials and oligarchs.
- It provides an exception for countries importing less than 15 percent of their natural gas from Russia while reducing that share.
A Bill Named For Its Author
- The bill is named for late Senator Lindsey Graham, who spent over a year building support and finalising terms with the White House.
- It still needs House approval, but the House has left for summer recess and is unlikely to vote before September.
- The legislation also extends existing sanctions authority aimed at restricting funding for Iran's energy and weapons sectors, at Trump's request.
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