Sanctions Bill Would Give Trump Sweeping New Tariff Powers

Key Points:

• The new bipartisan sanctions bill in the Senate extends beyond financial restrictions on Russia and Iran, granting President Trump broad powers to impose tariffs on imports from major global economies.
• The legislation, designed by the late Senator Lindsey Graham, aims to punish Russia for its invasion of Ukraine and prevent Iran from acquiring nuclear weapons while restoring trade authorities previously limited by the Supreme Court.
• If enacted, the bill would enable Trump to impose tariffs up to 500% on Russian imports like fertilizers and up to 100% on top importers of Russian oil and gas, as well as on countries aiding Russia in evading sanctions.
• This policy could result in significant tariffs on products imported from China, India, and European Union countries, reflecting a shift of trade policy authority from Congress to the president amidst bipartisan concern over tariff retaliation and economic uncertainty.
• Trade experts warn that the bill’s language is ambiguous and that President Trump is likely to aggressively use these expanded tariff powers.