US Treasury Secretary Scott Bessent on Tuesday stated President Donald Trump does want the authority from the Senate to impose 500 per cent tariffs on nations buying Russian oil.
On India, the Treasury Secretary claimed that New Delhi has stopped shopping for Russian oil after the Trump administration imposed 25 per cent tariffs.
Bessent was referring to the Russia Sanctions Invoice permits the US to impose not less than 500 per cent tariff on nations buying Russian oil. US President Donald Trump has greenlit the invoice earlier this month.
“On the five hundred% tariff on the patrons of Russian oil, that could be a proposal that Senator Graham has in entrance of the Senate and we are going to see whether or not that passes. We do not consider that President Trump wants that authority, that he can do it below IEPA, however that the Senate needs to present him that authority,” Bessent stated in an interview.
The White Home official blamed Europe for getting Russian oil, at the same time as he stated that New Delhi has “stopped shopping for” Russian oil.
“We have now Europe shopping for Russian oil, nonetheless, 4 years later, they’re financing the warfare in opposition to themselves. India began shopping for Russian oil after the battle started, however President Trump put a 25% tariff on them, and India has geared down and has stopped shopping for Russian oil,” he stated.
He additionally hit out at China, one of many prime patrons of Russia oil. The US, for lengthy, has been planning to impose as much as 500% tariffs on China for the acquisition of Russian oil.
On January 8, US Senator Lindsey Graham, whereas making the small print of the invoice public, stated that the proposed laws would give President Trump “large leverage in opposition to nations like China, India and Brazil to incentivize them to cease shopping for a budget Russian oil that gives the financing for Putin’s massacre in opposition to Ukraine.”
In October final 12 months, Bessent stated, “85 US senators are keen to present President Trump the authority to place as much as 500% tariffs on China for the acquisition of Russian oil.”
