- President Trump signaled support for a bill sanctioning nations that trade with Russia.
- The proposal includes tariffs up to 500%, targeting major economies like China and India.
- Bitcoin slipped below $90,000 as markets priced in the risk of a global trade war.
U.S. President Donald Trump has signaled openness to a drastic new sanctions package. The proposed legislation targets countries that continue to trade with Russia. However, Trump stated he will only sign the bill if he retains “ultimate decision-making authority” over its enforcement.
Trump told reporters he is comfortable with Senate leaders pushing legislation that punishes nations trading with Russia, especially because Moscow has not shown meaningful steps toward peace talks with Ukraine.
The ‘Nuclear Option’: 500% Tariffs on China and India
The proposed law would allow Trump to place very heavy import taxes, possibly reaching 500%, on goods from countries that continue purchasing Russian energy and are not supporting Ukraine.
China and India, as top buyers of Russian oil, are the primary targets of this legislation.
Global Markets on Edge
On the crypto side, this development has already sparked major volatility, with millions in liquidations as Bitcoin tests support near $90,000. Markets usually react strongly to uncertainty rather than just policy announcements, and this week has brought a lot of uncertainty.
Related: Analysts Say Fed Liquidity Shift Could Reshape Crypto Markets: Here’s Why
If these sanctions extend to China or India, two of the world’s biggest economies, the global financial impact could be much larger.
Bill Ready But Waiting for Trump’s Green Light
The legislation is already prepared but has not been assigned a final voting date in Congress. Lawmakers are waiting for Trump to give a clear approval signal. His support could fast-track the process, but no timeline has been confirmed.
The bill was created by Senator Lindsey Graham and Representative Brian Fitzpatrick. It targets any country that continues business with Russia, especially in the energy sector. A White House official said, “He would sign it. He signaled that last night. It’s always been important to the White House and the president that there’s a carve-out in the sanctions package that ensures the president has the ultimate decision-making authority on the sanctions.”
Related: Peter Thiel Dumps Entire Nvidia Stake — What It Signals for Crypto, Bitcoin ETFs and AI Tokens
