GENERAL19 Sept 2026
Only way to counter 'bully' is to resist him forcefully: Congress on Trump
US President Donald Trump has signed the Sanctioning Russia and Iran Act, which lets him impose tariffs of up to 100% on goods from the top five buyers of Russian oil and gas. India is one of them, so exporters should watch the rules closely. The law starts within 30 days of signing. Review your US exposure and keep duty costs in your pricing.
Key Statutory Highlights
- President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law on Friday, September 18, 2026.
- The law lets him impose duties of up to 100% on goods from the top five buyers of Russian crude oil or natural gas, which includes China and India.
- It takes effect within 30 days of signing, and Trump has wide discretion over which countries face tariffs, the rates, and whether sanctions are waived.
Actionable Advice for Taxpayers / Founders:If you export to the US or buy from US suppliers, it may be wise to review your contracts and pricing now, since the tariff rates and country list are not yet final. A quick check with your customs consultant can help you plan.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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