US President Trump signs Russia sanctions bill, clears way for 100% tariffs on India, China

US President Donald Trump on Friday signed into law a Russia sanctions bill that gives his administration new powers to impose tariffs of up to 100% on countries buying Russian oil and gas, potentially putting India and China in the crosshairs. The legislation requires Trump to impose tariffs of up to 100% within 30 days on goods imported into the US from the five largest importers of Russian crude oil or gas. It also covers countries that knowingly make new purchases of Russian oil or gas after the law takes effect or rank among the top five countries helping Russia evade sanctions.India and China are among the biggest buyers of Russian oil, but the legislation does not name specific countries or clearly explain how the top-five lists will be calculated. This leaves the Trump administration significant discretion in determining which countries could face tariffs. The new law could therefore pave the way for steep tariffs on Indian goods entering the US, although the immediate impact remains uncertain. According to Reuters, analysts said Trump may be reluctant to impose measures that could push consumer prices and energy costs higher ahead of the November midterm elections.