U.S. House reportedly clears bill for tariffs of up to 100% on top Russian oil buyers
CNBC reports that India and China are not expected to cut Russian crude purchases, but the proposed tariffs could give Washington leverage over both countries.
TLDR
CNBC reports that the U.S. House has passed a bill that would let President Donald Trump impose tariffs of up to 100% on top purchasers of Russian oil, putting China and India in focus. The outlet says neither country is expected to cut back on those purchases, though the tariffs could give Washington leverage. A separate commentator criticized the tariff push as hypocritical, arguing that Trump’s war on Iran was already creating an energy crisis by choking the Strait of Hormuz.
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