What is the news?
US President Donald Trump is continuously taking controversial steps regarding India. Now he has approved a new bill related to sanctions against Russia. There is a provision to impose up to 500 percent tariff on countries purchasing oil from Russia, especially India, China and Brazil. America has already imposed 50 percent tariff on India. Let us know about this new bill.
Trump’s consent to the bill
Republican Senator Lindsey Graham said that Trump has approved the bill imposing sanctions on Russia. He expressed hope that this will be voted on in Parliament next week. He wrote, ‘Today there was a meeting with President Trump on many issues. He approved the Russia sanctions bill that I have been working on for months with Senator Blumthal and many others.
Graham said – The bill will give Trump strength against India
Graham further said, ‘This bill would allow President Trump to punish countries that buy cheap Russian oil, thereby fueling Vladimir Putin’s war machine. The bill would give the President tremendous power against countries like China, India and Brazil by encouraging them to stop buying cheap Russian oil. I hope that this will be voted on in Parliament early next week.
What are the provisions in the bill?
The bill contains provisions for action against countries deemed to be financing Russia and hindering its efforts to end the Ukraine war. There are 4 conditions in the bill. First- refusal to negotiate a peace agreement with Ukraine. Second- Violating the peace agreement concluded through negotiations. Third- Launching an attack on Ukraine. Fourth – Attempting to overthrow, dissolve or destroy the Ukrainian government.
What will be the impact on India?
India already faces 50 percent US tariffs. Of this, 25 percent is related to oil purchase from Russia. Recently Trump had indicated that America may further increase tariffs on India. If the tariff increases then it will not be a comfortable situation for India. Many Indian industries are already facing the brunt of American tariffs. However, India is also discussing a trade deal with the US.
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