President Trump implements, waives new Russia-related tariffs and sanctions
Order provides for tariffs of up to 500% but waives their application pending further action.
President Trump on October 16, 2026, issued an executive order implementing the “Lindsey O. Graham Sanctioning Russia and Iran Act of 2026” (Graham Act). Although the order provides for new tariffs related to Russia, including a 500% tariff increase on goods from Russia and 100% increases on goods from certain countries that purchase Russian oil or natural gas or facilitate Russian oil sanctions evasion, it waives their application for now, along with other specified sanctions and restrictions included in the Graham Act.
The order also directs the U.S. Trade Representative (USTR), in consultation with other executive branch officials, to monitor Russian energy purchases and sanctions evasion and delegates certain functions and authorities under the Graham Act to the Secretary of State, USTR, and other relevant cabinet officials. The waivers remain in effect until the President or the Secretary of State determine that further action is appropriate.