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The administration used the International Emergency Economic Powers Act, which the Supreme Court ruled against (leading to $100 billion in refunds to importers), Section 122 of the Trade Act of 1974 to address balance-of-payments deficits (which was struck down by a lower court), and Section 301 of the Trade Act as retaliation for unfair practices.

The bill strengthens sanctions on Russia and Iran, targets Russia's "shadow fleet" of oil tankers used to avoid sanctions, and imposes a 500% tariff on U.S. imports from Russia.

If enacted in its current form, the legislation would provide the president greater flexibility to raise import taxes on major economies including India, China, and the European Union.

The U.S. trade representative can adjust tariff rates to anywhere between 0% and 100% on the five largest importers of Russian crude oil or natural gas by volume, requiring only that they notify Congress of their actions with no additional requirements to justify the chosen tariff rate.

The bill passed a key procedural hurdle in the Senate last week with an 86-12 vote.

The bill imposes a 500% tariff on U.S. imports from Russia and allows the U.S. trade representative to adjust tariff rates between 0% and 100% on the five largest importers of Russian crude oil or natural gas by volume.