US Tariff on India-China: Now America is going to take big action against the countries buying crude oil and gas from Russia. The bill with heavy tariff up to 100 percent introduced in the US Parliament (Senate) is getting huge support. More than 60 US MPs have supported this bill. US President Donald Trump is also in favor of this.
Tariff will be imposed on purchase of Russian oil
After the support of 60 senators, the chances of passing the bill have increased. If this happens, the problems of India, China, Azerbaijan and Hungary will increase. 100% tariffs will be imposed due to Russian oil purchases.
The amended version was presented on July 14
The bill was first introduced by the late Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal. In its initial draft, there was a provision to impose a heavy tax of 500% directly on any country purchasing oil or gas from Russia. After the death of Senator Lindsey Graham, on July 14, US senators introduced a revised version of the bill. In this, 500% tariff has been reduced to 100 percent.
Big relief has also been given to some countries in this bill. This will not apply to uranium purchased by America from Russia. Apart from this, those 15 countries of Europe will also be exempted from this tax, which are taking less than 15 percent of their total gas requirement from Russia and are gradually trying to eliminate this dependence. America will not impose any penalty tax on these European countries, because they themselves are distancing themselves from Russia.
Through this strict law, America actually wants to force big buyers like India and China to reduce the import of crude oil from Russia. American lawmakers believe that when Russia’s oil earnings come to a halt due to this tax, its economy will collapse and it will be forced to stop the Ukraine war.
India, China, Slovakia, Hungary and Azerbaijan are among the major countries of the world which import the most crude oil from Russia. On the other hand, if we talk about Russian natural gas, China, France, Japan, Hungary and Belgium are in the top list in terms of purchasing it.
Questions are being raised on America’s ‘double standards’
According to government sources, India has described this American move as “double standards”. India says that on one hand America is giving exemption to its European allies on buying Russian gas, while on the other hand it is targeting India.
Concerns have now increased in New Delhi regarding this proposed tariff. Indian officials have warned that this move by America could put the ongoing bilateral trade talks between India and America in trouble.