US Congress Passes 100% Tariff Bill on Russian Oil Buyers as Midterms & China Summit Near

The US Congress has fast-tracked a bill granting the president authority to impose 100% tariffs on countries purchasing oil and gas from Russia, including India, China, Turkey, and Japan. Originally proposed by the late Senator Lindsey Graham, the revised legislation moved through the Senate and the House Freedom Caucus ahead of the midterm elections. Analysts note the move provides diplomatic leverage ahead of the Chinese president's visit to Washington, DC, to negotiate trade, artificial intelligence, and semiconductor issues. The measure also signals congressional intent to address ongoing conflicts in Ukraine and West Asia. Discussion highlighted concerns regarding the economic impact on India amid ongoing bilateral trade negotiations and global energy vulnerabilities. The legislation permits presidential waivers, with experts emphasizing the objective of restricting revenues funding Russia's military campaign in Ukraine.