President Donald Trump waived new Russia-linked duties in an October 16 order, preventing additional tariffs from applying as October 18 arrives. That date marks a condition for targeting certain countries over new Russian-energy purchases.
The order implements the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which specified additional duties of 500% on Russian goods and 100% on goods from two country groups: the five largest Russian oil and gas importers making new purchases on or after October 18, and the top five facilitators of Russian oil sanctions evasion. The October 16 order waives these duties.
The waivers carry no fixed expiration date and remain effective until the president or secretary of state determines further action is appropriate, in consultation with the Treasury secretary and US trade representative. Earlier sanctions under existing executive orders addressing Russian harmful-foreign-activities continue to apply.
The order directs the US trade representative and other officials to monitor Russian energy purchases and sanctions-evasion facilitation, including circumstances that could warrant changes to the waivers.
Waiving the new tariffs could limit additional inflation and energy-cost pressures. Federal Reserve Governor Christopher Waller cited elevated energy costs and threatened new tariffs as persistent inflation pressures in an October 8 speech. Research published in October 2024 found that US monetary-policy tightening correlated with weaker cryptocurrency prices and reduced stablecoin market capitalization.
