Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s Desk
The bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
On Wednesday, the U.S. House of Representatives passed a bill designed to tighten the noose on the Russian economy and force President Vladimir Putin to end the war in Ukraine. The bill contains a provision that could mean higher tariffs on certain countries, including India.
Editor’s note: This story was updated post-publication to note that President Donald Trump has signed the act into law.
Washington, D.C.—The U.S. House of Representatives has passed a bill that contains a fresh round of sanctions on Russia and gives the president the authority to increase tariffs to as much as 100 percent on countries that import Russian oil and gas, including India.
Passed on Wednesday, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 is designed to restrict the flow of cash to Russian banks, companies, and individuals helping to fund the war in Ukraine, now in its fourth year.
The vote was 262 to 159, with seven Republicans and 152 Democrats comprising the opposition vote.
A representative who opposed the bill said they are not against sanctioning Russia but did not approve of the power the bill gives President Donald Trump to impose broad sanctions.
In a statement released by his office, Rep. Richard Neal (D-MA), a ranking member of the House Ways and Means Committee, said: “Congress just handed Trump sweeping new tariff authority despite all the abuse we’ve seen of the tariff power he already has.
“I strongly support holding Russia accountable and standing with Ukraine, but giving this president another tool to raise costs on the American people is the wrong way to do it. No one can afford this, and I could not be party to socking people with even higher costs and a blank check to Trump.”
Trump signed the bill into law on Friday.
Related stories will be right here …
Washington, D.C.—The U.S. House of Representatives has passed a bill that contains a fresh round of sanctions on Russia and gives the president the authority to increase tariffs to as much as 100 percent on countries that import Russian oil and gas, including India.
Passed on Wednesday, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 is designed to restrict the flow of cash to Russian banks, companies, and individuals helping to fund the war in Ukraine, now in its fourth year.
The vote was 262 to 159, with seven Republicans and 152 Democrats comprising the opposition vote.
A representative who opposed the bill said they are not against sanctioning Russia but did not approve of the power the bill gives President Donald Trump to impose broad sanctions.
In a statement released by his office, Rep. Richard Neal (D-MA), a ranking member of the House Ways and Means Committee, said: “Congress just handed Trump sweeping new tariff authority despite all the abuse we’ve seen of the tariff power he already has.
“I strongly support holding Russia accountable and standing with Ukraine, but giving this president another tool to raise costs on the American people is the wrong way to do it. No one can afford this, and I could not be party to socking people with even higher costs and a blank check to Trump.”
Trump signed the bill into law on Friday.
The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 passed at the same time Jewelers of America was in Washington, D.C., for its fly-in, the annual event that gives JA members the opportunity to meet with their senators and representatives to discuss issues impacting the jewelry trade, like tariffs.
JA and other industry groups and companies, including De Beers Group, have been lobbying lawmakers to add diamonds, gemstones, and pearls to the list of items that are exempt from tariffs, arguing that none of these can be sourced in the United States.
Tariffs on imports from India—the world’s No. 1 diamond manufacturing hub—stand at 10 percent, but the bill gives the president authority to increase taxes on Indian imports to as much as 100 percent.
On Thursday, JA President and CEO David Bonaparte said the organization continues to track tariffs closely and push for jewelry-industry specific exemptions.
“We are the only PAC (Political Action Committee) representing and protecting the fine jewelry business in the U.S. This week, we met with 20 congressmen and senators asking that diamonds, gemstones, and pearls get added to the Anex II list and can enter the U.S. tariff free,” he said.
“Because these items cannot be sourced in the U.S., it makes no sense to add tariffs on these products. Even though the Russia sanctions bill passed we will continue to talk to the administration and fight for this exemption. We support sanctions on Russia but oppose the tariff provision because if enacted it would raise prices for American consumers.”
National Jeweler is a for-profit subsidiary of Jewelers of America, which purchased the publication in 2015. The two organizations act independently of each other.
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