Trump Can Impose 500% Tariffs on Russian Oil Buyers Without Senate Nod: US Treasury Secretary

• US Treasury Secretary Scott Bessent stated Donald Trump already possesses the authority to impose tariffs up to 500% on countries purchasing Russian oil, without new Senate authorization.
• Bessent referred to the proposed Russia Sanctions Bill, backed by Senator Lindsey Graham, which aims to grant this authority, but emphasized Trump's existing powers under IEPA.
• He claimed India ceased buying Russian oil after the Trump administration imposed a 25% tariff, contrasting this with Europe's continued purchases.
• Bessent criticized Europe for financing the war by continuing to buy Russian energy and also targeted China, a major buyer, for potential steep tariffs.
• India's Ministry of External Affairs confirmed it is closely monitoring the proposed bipartisan bill and related developments.

Why It Matters: Trump has existing authority to impose high tariffs on Russian oil buyers, potentially impacting countries like China and Europe.