Washington: U.S. President Donald Trump signed a new bill that allows a 100 percent tariff to be imposed on countries including India and China. Through this law, sanctions against Russia have been expanded.
The war between Russia and Ukraine caused a severe shortage of crude oil globally. Following this, Russia has been supplying crude oil at discounted prices to countries including India. In response, the United States has been taking various measures targeting Russia’s energy sector in an effort to create economic pressure on the country.
In that context, a bill named the “Lindsey O. Graham” bill, which would authorize U.S. President Trump to impose a 100 percent tariff on goods from countries including India and China, was passed in the U.S. House of Representatives last month by a vote of 262-159.
In this situation, the bill was passed in the House of Representatives the day before yesterday. Following this, yesterday, U.S. President Trump signed it, making the bill into law. Under this law, with the aim of preventing crude oil imports from Russia, a 100 percent tariff can be imposed on imported goods from countries such as India and China. It is noteworthy that President Trump can also impose additional economic sanctions on Iran.
It is understood that this new U.S. law will have a major impact on 10 countries, including India, China, the United Arab Emirates (UAE), Turkey, Singapore, Azerbaijan, Kazakhstan, Hungary, Kyrgyzstan, and Slovakia. However, White House sources said this does not mean that Indian goods have been immediately subjected to a 100 percent tariff. Full details on which countries will be affected and to what extent will become clear only when this law comes fully into effect.