Congress moves forward on new tariff authority for the president

What happened

Congress is progressing with the Lindsey O. Graham Sanctioning Russia Act of 2026, which would allow the president to impose tariffs of up to 100% on major importers of Russian energy. The bill has received bipartisan support and includes provisions to strengthen sanctions on Russia and Iran.

Why it matters

This legislation could change the way tariffs are applied and may impact international trade relations.

How this story affects people

How does this story affect you if you rent your home?

Higher tariffs on Russian energy could lead to increased energy prices, which may affect utility costs for renters. If energy prices rise significantly, landlords might pass those costs onto tenants through higher rent.

How does this story affect you if you are a small business owner?

Small business owners who rely on energy imports may face higher costs due to new tariffs. This could lead to increased prices for goods and services, affecting their competitiveness and profitability.

How does this story affect you if you are a saver or investor?

Changes in tariff policies can create volatility in the stock market, potentially impacting investment portfolios. Investors may need to consider how increased tariffs could affect companies involved in energy and international trade.

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