Will 500 percent tariff not be imposed on India? Big revelation by America’s Treasury Secretary, told who is the target

Russia Sanctions Bill: US Treasury Secretary Scott Besant has said that President Donald Trump does not need Senate permission to impose 500 percent tariff on countries buying Russian oil. However, he clarified that this time the main target of the tariff threat is China, not India.

Scott Besant claimed that India has stopped purchasing Russian oil after the Trump administration imposed 25 percent tariff on India. He said that due to the strict trade policy of the US, India has changed its imports.

What is the bill with 500% tariff?

The bill Besant was referring to is the Russia Sanctions Bill, under which America can impose at least 500% tariff on countries that buy oil from Russia. This bill has received the approval of President Trump earlier this month.

Scott Besant said this

In an interview, Besant said, ‘Senator Lindsey Graham has put before the Senate a proposal to impose 500% tariff on those buying Russian oil. We will see whether it passes or not. Although we believe that President Trump does not need this, he can implement it under IEPA (International Emergency Powers Act), but the Senate wants to give him this power formally.

America’s attack on Europe also

A senior White House official also took Europe to task. He said that even after four years, Europe is buying Russian oil and thus funding the war going on against itself. Besant claimed during this time that India had started buying Russian oil after the Ukraine war started, but after President Trump imposed 25% tariff, India reduced the purchase and has now stopped it completely.

targeted at china

Scott Besant described China as Russia’s biggest oil buyer and said that America has been planning to impose 500% tariff on China for a long time because it is funding the war by buying cheap oil from Russia.

India’s official stance on 500% tariff bill

India has also reacted to this Russia sanctions bill of America. External Affairs Ministry spokesperson Randhir Jaiswal said, ‘We are fully aware of the proposed bill and are closely monitoring all developments related to it.’