Is America preparing to impose 500 percent tariff on India? This is indicated by US President Donald Trump approving a new bill in which it is clearly stated that heavy tariffs can be imposed on countries that are purchasing Russian petroleum. Because India has been buying a large amount of oil from Russia, such a possibility seems to be increasing. US Senator Lindsey Graham said on Thursday that President Donald Trump has approved a bill to punish countries like India, China and Brazil for buying Russian oil despite sanctions.
Bill brought with the aim of increasing economic pressure
Republican Senator Lindsey Graham from the US state of South Carolina said on Wednesday that after a very positive and productive meeting with former President Donald Trump, he has approved a bipartisan bill. The Sanctioning Russia Act introduced by Graham, co-authored with Democratic Senator Richard Blumenthal, would give Trump the authority to impose tariffs of up to 500 percent on imports from countries that do business with Russia’s energy sector. This bill has been brought with the aim of increasing economic pressure on Russia.
The highest tariff in the world is applicable on India
Among the tariff policy implemented by America last year on all the countries of the world, the highest tariff has been imposed on India and Brazil which is 50 percent. America has imposed additional tariff on India because it buys oil from Russia, whereas America itself also purchases petroleum products from Russia. At the same time, if we talk about China, even though America repeatedly talks about taking strict action against it, it always retreats in the matter of imposing tariffs.
US Senator Rand Paul has criticized
However, US Senator Rand Paul has always been opposed to the Trump administration’s attitude towards tariff policy. He has strongly criticized President Donald Trump’s aggressive tariff policy. He questioned the economic logic of Trump’s trade policy, saying that it is not only based on an economic fallacy, but also raises constitutional concerns. In an interview with ABC’s “The Week,” Rand Paul said the sweeping tariffs imposed on foreign trading partners have been implemented without congressional approval, which is objectionable. He termed Trump’s thinking regarding trade deficit wrong.
Rand Paul said that tariffs are actually taxes and when you tax a business, the burden ultimately falls on consumers. That means prices will increase. He also argues that free global trade is extremely beneficial to the economy. He further said that real trade is that in which a person voluntarily buys a thing. If a transaction is voluntary, then by definition it is beneficial to both parties, otherwise it would not be a trade.
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