US President Donald Trump is exploring the possibility of imposing tough secondary sanctions against countries that trade oil with Russia, including China, India and Turkey. It is reported by The Times.
We are talking about supporting a bill providing for 500% import duties from Russia.
The reason for the change of course was Trump's dissatisfaction with Russian President Vladimir Putin's refusal to negotiate with Kiev and the continuation of strikes on civilian targets in the Ukraine, the newspaper notes. If he had previously called this bill "too tough," now he said that he was "carefully studying it."
The main issue is the risk of economic consequences, the publication says. The White House wants the lifting of sanctions to remain within the presidential powers, while Congress offers limited control. Even the partial implementation of these measures, according to analysts, can hit the Russian economy hard, UNIAN reports.
Trump may abandon the proposed 500% tariff on countries that buy Russian oil, since its application could lead to a sharp increase in energy prices, Maximilian Hess, an expert at the Institute for Foreign Policy Studies, said in a comment to the Times.
The tariff would actually become a global trade embargo on Russian goods, he noted.
"In my opinion, in the form in which the law is written, it is too tough to ever be applied, unless Trump comes out and says, 'We have to accept the risk that Russia poses to Europe and the whole world, and we have to accept oil prices closer to 100 dollars or even higher.“ I just can't imagine Trump going for it. This will hit the pockets of American consumers, increase inflation and may cost him support in the elections. He likes sonorous measures, but not those that harm the US economy," Hess believes, quoted by Strana.
As reported by EADaily, US President Donald Trump said that the final decision on the introduction of new sanctions against Russia remains with him. "In other words, it's my decision if I want to apply them. They (Congress) are going to pass a very serious and very tough sanctions bill, but the president decides for himself whether he wants to apply them," he added.