Source: Fortune
Summary
The US Senate has passed a bill that would give President Donald Trump the authority to impose tariffs as high as 100% on the top five importers of Russian oil and gas. The bill, which is expected to pass the House, is aimed at crippling Russia’s economy amid its war on Ukraine. The tariffs could target US allies and trading partners, including the European Union, China, and India, but the president has the ability to issue waivers if deemed “in the national interest of the United States.” Some senators have expressed concerns about handing over sweeping new tariff powers to Trump.
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The announcement sounds familiar.
The Russia sanctions bill provides broad discretion to impose steep tariffs, a move that has been blocked by courts in the past. The bill’s tariff authority has raised concerns among some senators, who fear it could lead to abuse of power by Trump. The president has a history of interpreting trade laws aggressively, and the bill’s ambiguity could lead to legal challenges. The tariffs could also upset trade relationships with countries like China and India.
The numbers tell a story of a president who has been given significant power to shape trade policy.
Author: Evan Null
