1 hr ago

House Passes Russia Sanctions Bill Giving Trump New Tariff Powers

House Passes Russia Sanctions Bill Giving Trump New Tariff Powers
Trump gets new tariff powers as US House passes Russia sanctions bill · thehindubusinessline.com

The United States House of Representatives passed a bill about Russia and Iran sanctions.

The bill gives President Donald Trump more power to place tariffs on countries that buy Russian oil and gas.

China, India and Turkey could potentially face these tariffs.

The bill could also place a very large tariff on goods from Russia.

Supporters say stronger economic pressure could help Ukraine resist Russia’s invasion.

Critics say the tariffs could raise prices and make economic problems worse for Americans.

Business groups also worry the bill could support a much broader tariff program.

Trump has broad discretion and may choose not to use some of the powers.

Key facts

House vote
262-159
Potential tariff on Russian goods
Up to 500%
Potential additional tariff
Up to 100% on certain energy-importing countries
Tariff authority duration
Five years
Iran Sanctions Act extension
Through 2031
Senate status
Passed the bill in the previous month
Presidential discretion
Broad waivers allow the president not to impose penalties

Quotes

Brian Fitzpatrick

Pennsylvania Republican and supporter of Ukraine

“This legislation strengthens economic sanctions against the Russian government, its financial institutions, and the foreign governments that aid Russian aggression against Ukraine by purchasing cheap Russian oil and gas and helping the Kremlin evade other sanctions.”
thehindubusinessline.com
“We cannot grant the president more tariff authority that we know he will abuse.”
thehindubusinessline.com

Sources

Related news