Graham Bill Seeks 500% Russia Tariffs as Critics Warn of $500 Billion Hit to US Consumers
Updated
Updated · Fox News · Jul 23
Graham Bill Seeks 500% Russia Tariffs as Critics Warn of $500 Billion Hit to US Consumers
1 articles · Updated · Fox News · Jul 23
Summary
Congress may soon take up Sen. Lindsey Graham’s 2026 Russia sanctions bill, which would impose a 500% tariff on U.S. trade with Russia and let the president levy up to 100% tariffs on major buyers of Russian energy.
Nearly 40% of the world’s population could be touched by the measure because countries named or potentially exposed include China, India, Japan and some EU members, with the list subject to change every 180 days.
Critics say the tariffs would function as a tax on U.S. importers and shoppers, potentially costing Americans about $500 billion and sharply raising prices on goods from key suppliers such as China and India.
The bill also expands sanctions on Russian officials and companies, bans U.S. business and investment in Russia, and gives the president broad authority to target foreign parties deemed to be undermining Ukraine.
Opponents argue the plan risks retaliation from allies and trading partners — including the EU, with which U.S. bilateral trade topped $1 trillion in 2025 — while adding pressure to household costs in an election year.