World
Trump waives Graham Act Russia sanctions and tariffs
BBC News··7h ago
US President Donald Trump waived sanctions, restrictions and duties under the Graham Act in an executive order on Friday night. He said withholding some measures was in US national interests. The law was due to take effect on Sunday, October 18. It allowed tariffs of up to 100% on top buyers of Russian oil and gas, including India and China.
Prism
What It Means For You
- Indian and Chinese exporters faced possible 100% US tariffs tied to Russian crude purchases under the Act.
- Business Standard said the order formally imposes the tariffs while suspending their implementation for now.
- A bipartisan group of 20 US lawmakers had urged Trump to implement the law without delay.
What's Happening
- Trump signed the Lindsey Graham-named sanctions bill into law in September before issuing the waiver.
- The move follows his plan to import Russian diesel ahead of November midterm elections.
- The Act also targets Russian officials, banks and a shadow fleet of tankers used to move oil.
What The Graham Act Does
- Senator Lindsey Graham of South Carolina died on 11 July; the law carries his name.
- Business Standard said a one-month deadline to impose buyer tariffs was set to expire on Oct. 18.
- Trump said he submitted a national-interest certification to Congress with the waiver.
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