US Treasury Secretary Scott Bessent has said that President Donald Trump does not require approval from the US Senate to impose a sweeping 500% tariff on countries that continue to buy Russian oil. However, he made it clear that the primary target of the proposed tariff threat is China, not India.
Bessent also claimed that India has stopped purchasing Russian oil following the Trump administration’s decision to impose a 25% tariff on Indian goods, adding that New Delhi altered its import strategy in response to Washington’s tougher trade stance.
What is the 500% Tariff Bill?
The legislation referred to by Bessent is the Russia Sanctions Bill, which empowers the United States to impose tariffs of at least 500% on countries that import Russian oil. The bill received President Trump’s approval earlier this month.
How the Trump Administration Plans to Act
In an interview, Bessent said the proposal to levy a 500% tariff on buyers of Russian oil was introduced in the Senate by Senator Lindsey Graham. “We will see whether it passes or not. However, we believe President Trump does not need this legislation, as he can implement it under the International Emergency Powers Act (IEPA). The Senate wants to formally grant him this authority,” he said.
US Criticism of Europe Over Russian Oil
A senior White House official also criticised Europe, saying that even four years later, European countries are still buying Russian oil and effectively funding the very war being waged against them. Bessent claimed that India began purchasing Russian oil after the Ukraine war started but reduced its imports following the imposition of a 25% US tariff and has now stopped buying altogether.
China in Washington’s Crosshairs
Bessent described China as Russia’s largest oil buyer and said the United States has long been considering tariffs of up to 500% against Beijing for purchasing discounted Russian oil and financially supporting the war.
India’s Official Stand on the Russia Sanctions Bill
India has responded to the proposed US sanctions legislation. External Affairs Ministry spokesperson Randhir Jaiswal said, “We are fully aware of the proposed bill and are closely monitoring all developments related to it.”
