Trump waives Graham Act Russia tariffs, boosts U.S.-India trade talks
US President Donald Trump on Friday issued an executive order that waived key Russia-related US sanctions and tariffs scheduled to start this week under the Graham Act, which is a relief for India's energy plans.
This move pauses big tariffs and penalties that could have made things tricky for India.
It also gives a boost to ongoing U.S.-India trade talks, with US Secretary of State Marco Rubio heading to India soon to help wrap things up.
Waiver averts 100% tariffs for India
Without the waiver, India could have faced tariffs up to 100% (not great for its economy or its relationship with the U.S.).
The Modi government had flagged concerns about possible diplomatic fallout.
Now, as India buys less Russian oil, this decision helps keep its energy situation steady and builds trust between the two countries as they work toward a long-awaited trade deal.