Tariff brake on the new sanctions bill against Russia in the US C
congress
The US House of Representatives may postpone the adoption of the bill, which includes heavy sanctions against Russia, until at least the Congressional elections in November. The regulation, which quickly passed through the Senate, is facing objections in both parties, with concerns that the broad tariff powers to be given to Donald Trump will increase oil prices and harm trading partners.
In the US House of Representatives, it was reported that the adoption of the bill containing "hell" sanctions against Russia could be postponed until at least the Congressional elections to be held in November.
According to Bloomberg, Speaker of the House of Representatives Mike Johnson said the bill raised concern not only among Democrats but also within certain Republican groups.
Johnson said, "We are all in favor of sanctions against Russia, but the formula must be correct."
The bill in question was previously quickly adopted by the US Senate. In response, members of the House of Representatives are concerned that the regulation will give Donald Trump additional tariff powers, this will lead to an increase in oil prices and that Washington will hit trading partners.
The bill envisages that the White House leader will be authorized to impose 100 percent customs duties on the five largest buyers of Russian oil and natural gas, as well as five countries that help Moscow pierce sanctions.
China, India and Turkey are at the top of these countries.
Fuel market and pre-election price increase concern
Republican Brian Mast, Chairman of the House of Representatives' Committee on Foreign Relations, emphasized that the impact of the bill on the fuel market was evaluated.
Mast stated that the fact that India and other countries that receive Russian raw materials are forced to turn to alternative sources may trigger an increase in gasoline prices before the elections.
Democrats, on the other hand, oppose the regulation, arguing that the bill can prepare a legal basis for the Trump administration to use customs tariffs without limit.
Foreign Affairs Commissioner Gregory Meeks criticized the attempt to give the president powers he doesn't have.
Brad Schneider, a member of the Democratic House of Representatives, also described the article on customs tariffs as "unacceptable".
Big companies and the business world also took a stand against the bill. ExxonMobil, General Electric, Ford, Pfizer and the US Chamber of Commerce forwarded a joint letter to Congress with their objections.
Ellen Jackson, representative of Retail Industry Leaders, said: “We are concerned that part of the bill could have unpredictable consequences for consumers by allowing large-scale new tariffs against our trading partners and allies.