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| Photo File (AI/Sora) |
US President Donald Trump has announced his support for a proposed bill that would allow the United States to impose up to 500 percent tariffs on countries continuing to purchase oil from Russia, a move that has already sent shockwaves through global financial markets.
The bill was introduced by US Senator Lindsey Graham and is expected to be put to a vote next week. If approved, it would grant President Trump sweeping authority to levy heavy tariffs on any country importing Russian oil, significantly escalating economic pressure on Moscow and its trading partners.
Following reports of the proposed tariffs, India’s stock market crashed sharply, suffering losses for the fourth consecutive day. According to market data, Indian investors have lost approximately ₹9 lakh crore over the past four days, reflecting growing anxiety over the potential economic fallout.
India, which has already been hit by 50 percent US tariffs, is considered one of the countries most vulnerable to the new legislation due to its continued imports of Russian oil. Analysts warn that further tariff pressure could deepen market instability and strain India’s trade relations with Washington.
The proposed tariff bill is also expected to impact China and Brazil, both of which maintain energy trade links with Russia. Global markets are closely watching the situation, as the approval of the bill could lead to wider disruptions in international trade and energy supply chains.
With the bill likely to be debated in the coming days, economists caution that its passage could trigger further volatility across emerging markets and intensify global economic uncertainty
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