Trump Waives Russia Graham Act Sanctions, Averting 100% Tariff on India as Bilateral Trade Deal Talks Near Finish Line

US President Donald Trump signed an executive order on October 16, 2026, waiving the sanctions, restrictions, and duties under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 — one day before the enforcement deadline of October 18. The Act, signed by Trump on September 18, 2026, had granted sweeping powers to impose tariffs of up to 500% on the five largest importers of Russian crude oil and natural gas, with secondary tariffs of up to 100% on countries maintaining major energy trade links with Russia. For India — the largest buyer of seaborne Russian crude in 2026, with purchases averaging 1.8 million barrels per day (bpd) according to ship-tracking data — the waiver averts an immediate and severe trade risk that could have imposed punitive duties on a wide range of Indian exports to the US. The waiver is indefinite and applies globally, though it can be reversed at any time. Trump certified to Congress that the waiver served the national interest of the United States. The Act itself remains on the books, meaning the tariff regime exists in law but is suspended in practice — a deliberate posture designed to preserve negotiating leverage. US Secretary of State Marco Rubio, speaking to reporters in Uzbekistan on October 17 during a two-day visit to India, stated that trade negotiations with India factored "heavily" into the presidential waiver, and that the two countries were "very close" to finalising a bilateral trade deal. A pending US Section 301 investigation into structural manufacturing overcapacity was cited as one remaining sticking point. Global