Imposing 500% tariffs on nations that trade with Russia will backfire

The US wants to impose new sanctions on Russia. All countries that buy Russian energy are to be subject to fines of 500 percent, reports reporter Gregor Schwum. Senator Lindsey Graham calls for the EU to follow the US example.

Imposing 500% tariffs on nations that trade with Russia will backfire

While tariffs make wars more likely, embargoes make wars difficult to avoid. Senator Lindsey Graham’s Sanctioning Russia Act calls for 500% tariffs on dozens of countries and essentially amounts to an embargo. If this bill were to pass, it would cause an economic calamity on a scale never before seen in our country. In its insistence that Moscow be a permanent enemy of the United States, the foreign policy establishment is pushing to impose more…

Economists assessed the impact of this strategy.

“Putin Is Playing Games”: US Senate Prepares Crushing 500% Tariff on Russian Energy Buyers

US Senators Richard Blumenthal and Lindsey Graham have stated that they have already introduced a bill proposing new sanctions on Russia, including a 500% tariff on imported goods from countries that purchase Russian energy resources. The bipartisan statement was published on the website of Democratic Senator Blumenthal on May 21. Blumenthal, a Democrat, and Graham, a Republican, say the bill has the support of 81 senators. They specify that the…