President Donald Trump can now impose tariffs of up to 100% on countries purchasing Russian oil, putting China and India squarely in the crosshairs. The U.S. House passed a sweeping Russia sanctions bill on Wednesday, paving the way for Trump to tariff major purchasers of Russian energy. China bought half of Russia’s crude exports as of August-end, followed by India at 37%, with Turkey and the EU each at 5%. Experts say it would be extremely challenging for both countries to replace 3.5 million barrels per day of Russian seaborne supply. Washington is unlikely to upset Beijing ahead of next week’s summit.
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