Trump waives many Russian sanctions, tariffs under new law backed by Lindsey Graham
President waiving new Russia tariffs under late senator's Graham Act while preserving power to reinstate them
Trump strikes diesel deal with Putin, announces Russia-Ukraine energy ceasefire
The 'Big Money in the Morning' panel analyzes President Donald Trump announcing a Russian diesel deal, the energy ceasefire between Russia and Ukraine and looks ahead to the midterms as the president and VP JD Vance stump in Ohio.
President Donald Trump on Friday said he was waiving many Russian-related sanctions and tariffs under a new law backed by late South Carolina Sen. Lindsey Graham.
The Graham Act, which Trump signed into law last month, would have imposed sanctions of up to 100% on all goods brought into the United States from the largest importers of Russian crude oil and gas, along with countries that knowingly bought Russian oil 30 days after the law went into effect.
Views of the St. Petersburg Oil Terminal, one of Russia's largest terminals for the transshipment and storage of petroleum products in the Baltic region. (Stringer/SOPA Images/LightRocket via Getty Images, File / Getty Images)
Trump’s executive order comes after his deal made with Russian President Vladimir Putin in which the Kremlin agreed to eventually release millions of tons of diesel into the global market amid soaring prices.
Trump said the waiver was in the "national interests of the United States."
Reuters contributed to this report.