Trump Endorses Bill for 500% Tariffs on Russian Energy Buyers

United States President Donald Trump has endorsed a bipartisan bill that would authorize tariffs of up to 500 percent on imports from countries purchasing Russian energy products, according to Senator Lindsey Graham. The Republican from South Carolina announced the development following a meeting with Trump at the White House on Wednesday, stating that the legislation aims to pressure nations such as China, India and Brazil to halt their purchases of discounted Russian oil and other exports.

The proposed Sanctioning Russia Act, co-authored by Graham and Democratic Senator Richard Blumenthal of Connecticut, would grant the administration flexibility to impose tariffs and secondary sanctions on third countries engaging in trade with Russia's energy sector, including oil, gas and uranium. Graham described the measure as a tool to disrupt financing for Russia's military operations in Ukraine, which began with Moscow's full-scale invasion nearly four years ago. "This bill will allow President Trump to punish those countries who buy cheap Russian oil," Graham said in a statement. He added that it would provide "tremendous leverage" to incentivize a reduction in such imports, noting...