US to impose 100% tariffs on five countries, including India, for purchasing Russian oil !

Bill introduced in Congress

Washington (USA) – Lawmakers from the ruling Republican Party and the opposition Democratic Party in the United States have introduced a revised bill in Congress to impose 100% tariffs on India, China, Slovakia, Hungary and Azerbaijan for purchasing Russian oil. If passed, it will be the first time that the United States imposes tariffs on a country solely because it is purchasing Russian oil and thereby increasing Russia’s earnings. Notably, the original draft of the bill had proposed a 500% tariff, which has now been reduced to 100%.

President Donald Trump further said that 15 European countries, including France, Germany, the United Kingdom and Belgium, have been kept outside the scope of the bill. The current 15% tariff imposed on India is due to expire on 24 July. Therefore, Trump is bringing this bill to pressure India into concluding a trade agreement.

India saves approximately ₹60 thousand crore annually by purchasing crude oil from Russia. If the 100% tariff is imposed, India’s annual exports worth ₹6 lakh 50 thousand crore to the United States will be affected, which is ten times the amount of these savings. India’s exports worth ₹2 lakh 10 thousand crore will also be impacted.