US President Donald Trump has issued a late-night executive order waiving proposed punitive tariffs on Russian oil purchases under the "Lindsey O. Graham Sanctioning Russia and Iran Act of 2026," delivering major economic relief to top buyers including India and China.
Signed into law in September 2026, the legislation authored by Senator Lindsey Graham aimed to penalize the top five buyers of Russian oil and gas—China, India, Slovakia, and Hungary—by empowering the US President to impose up to 100 percent tariffs on their exports within 30 days of enactment. With those tariffs scheduled to take effect on October 18, 2026, President Trump submitted a certification to Congress invoking executive authority to suspend the measures in the interest of US national security.
The presidential waiver temporarily halts the implementation of these retaliatory tariffs without permanently dismantling the legislative framework, leaving President Trump the option to reinstate duties at a future date. The move comes as a critical relief for India, preventing an additional 100 percent duty on top of its current 10 percent base tariff, and clearing a major friction point as Washington and New Delhi approach the finalization of a comprehensive bilateral trade framework.
— Daily Best News Desk • Fearless in the search for truth
Reported by International Desk • Edited by the Daily Best News desk. Send corrections to [email protected].
