1 month ago
Tariff Provisions Threaten Passage of Russia Sanctions Bill
A new U.S. law would put very high taxes on the biggest buyers of Russian oil and gas.
Some lawmakers worry the taxes could make prices rise in the U.S. The bill also lets the President skip sanctions if he thinks it’s a national security issue.
The Senate has voted to move it forward, but the House might stop it because of worries about inflation.
Ukraine’s ambassador says the U.S. needs to act fast before winter.
Bill would impose 100% tariffs on the top five importers of Russian oil or gas.
Democrats and some Republicans oppose new tariff powers that could target countries like China, India, and Japan.
Bill allows President Trump to waive sanctions for national security and extend Iran sanctions for five years.
Senate procedural votes show bipartisan support, but House may block due to inflation concerns.
Ukraine's ambassador urges swift action before winter, citing war urgency.
- Who
- U.S. lawmakers, President Donald Trump, Ukraine ambassador Olha Stefanishyna
- What
- Russia sanctions bill with new tariff powers and waiver provisions
- Where
- U.S. Congress, Washington, D.C.
- When
- July 31, 2024
- Why
- To pressure Russia and curb sanctions evasion while addressing concerns over inflation and political balance
Key facts
- Bill Name
- Sanctioning Russia Act
- Tariff Rate
- 100% on top five importers of Russian oil or gas
- Key Provisions
- President can waive sanctions, extend Iran sanctions for five years
- Senate Support
- Bipartisan procedural votes
- House Opposition
- Inflation concerns and political divisions
Quotes
Senator Ron Wyden and Representative Richard Neal
U.S. Senators advocating against the bill’s tariff provisions
“There is no question that the U.S. government must take stronger action against purchasers of Russian energy who are fueling the unjustifiable war against Ukraine. But the latest draft of the Sanctioning Russia Act is a prescription for bedlam and higher tariffs.”
theprint.in
Olha Stefanishyna
Ukraine’s ambassador to the United States
“You know very well that tariffs (are) a partisan issue at this point, so we hope it will not distract everyone from the real intention with the law.”
theprint.in
Jess Hoversen
Former U.S. government official and chief economist at Column
“Secondary tariffs, as designed in this bill, would function as a much blunter instrument that could apply across-the-board duties to all goods from a country based on its energy trade with Russia or its role in sanctions evasion.”
theprint.in
Sources
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