On Thursday, Republican Senator Lindsey Graham announced that President Donald Trump has approved a new sanctions bill, following a "productive" meeting on Wednesday. The bill, which could be voted on as early as next week, allows the U.S. to impose tariffs of up to 500% on countries, including India and China, that continue to buy oil from Russia. This move could directly impact trade and prices for many people.
Republican Senator Lindsey Graham mentioned in a post on X that the President approved the legislation, which includes sanctions on nations buying Russian uranium, following a 'productive' meeting on Wednesday. He also noted that it might be up for a vote as soon as next week.
Leaders in the Senate and House have delayed a vote on the bill, which aims to ban U.S. energy exports to Moscow and restrict investments in Russian energy. This comes after Trump indicated a preference for targeting tariffs on goods imported from India, the world’s second-largest buyer of Russian oil, following China.
According to South Carolina Republican Graham, the bill, co-sponsored by Democratic Senator Richard Blumenthal, would provide President Donald Trump with major influence over nations like China, India, and Brazil. This influence would encourage them to cease purchasing discounted Russian oil, which funds President Vladimir Putin's conflict in Ukraine, as stated in his post.
Trump's escalation began last year with a 25% reciprocal tariff on Indian imports and a 25% penalty for purchasing Russian oil, pushing duties on some products to 50%. This strained U.S.-India ties. Meanwhile, U.S.-China tensions grew as tariffs surged, with Washington imposing a 145% duty on Chinese goods and Beijing retaliating with a 125% tariff on U.S. products.
Recently, speaking aboard Air Force One, Trump remarked that Prime Minister Modi “knew I was not happy,” adding, “PM Modi's a very good man. He's a good guy. It was important to make me happy. They do trade, and we can raise tariffs on them very quickly.”
A few days ago, Trump also threatened new tariffs on Indian rice following complaints about dumping. Talks to resolve the tariff dispute have stalled, with the U.S. pushing for lower import duties on agricultural products, while India remains firm in protecting its farming sectors.
