Trump Suspends New Tariffs on Russia and Its Energy Resource Buyers

© forbes.com

U.S. President Donald Trump signed an executive order on October 17 that formally introduces but simultaneously suspends the implementation of harsh tariff measures outlined in a recently passed law aimed at tightening sanctions against Russia, according to a White House document published on its website.

Under the order, tariffs on Russian goods were set to reach 500%, while tariffs on goods from the top five buyers of Russian oil and gas were to be set at 100%. However, Trump exercised his authority to exempt these measures from taking effect. The document states that the decision to waive the tariffs is based on U.S. national interests, and the corresponding justification has been submitted to Congress.

While the suspension does not equate to a permanent cancellation, the measures could be reinstated at a later date, according to the order.

The law, known as the "Graham Act" after the late Senator who was known for his anti-Russian stance, also included various other sanctions. The new executive order also suspends the application of some of these additional sanctions.