Would your gas price look different if the United States had imposed tariffs of up to 500% on Russian goods and up to 100% on countries like China and India for buying Russian oil? We will not find out for now. President Donald Trump signed an executive order late Friday, Oct. 16, 2026, waiving both of those tariff provisions. He did so two days before the law’s implementation deadline, according to CNBC’s report published Oct. 17, 2026.
What the Executive Order Actually Waived
The tariffs came from the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The House passed it on Sept. 16, 2026, and Trump signed it into law two days later, per CNBC. The law required the president to raise duties on all Russian goods imported into the US by up to 500% no later than 30 days after enactment. It also required tariffs of up to 100% on countries among the top five purchasers of Russian crude oil or gas, including China and India. Trump’s order invokes the act’s national-interest waiver. The order states that he had ‘submitted to the Congress a certification that the issuance of such a waiver is in the national interests of the United States,’ CNBC reported. Existing sanctions on Russia under earlier executive orders remain in place, per the same report. CNBC also notes that the waiver follows a separate temporary easing of sanctions on Russian diesel exports. Fox Business reported that lawmakers including Sen. Thom Tillis urged the administration to drop that diesel deal.
Follow the Trade Route: From a Tariff on China to a Price at the Pump
Here is the chain as far as the sources take it. The law would have required tariffs of up to 100% on China and India because they rank among the top five buyers of Russian crude or gas, per CNBC. A tariff of that size could raise the cost of continuing those purchases. Whether that would have changed global oil flows, benchmark prices or US pump prices is not reported by CNBC or Fox Business. By waiving the provision, the order removes that specific requirement, at least for now. Reaction has been divided. CNBC reported praise from a Russian envoy and criticism from Democrats and from Ukrainian President Volodymyr Zelenskyy. In a post on X, Zelenskyy called the decision ‘wrong’ and said it ‘only fuels their satisfaction.’ Fox Business reported criticism from Republicans as well, including Sen. Ted Cruz and former UN Ambassador Nikki Haley.
Our Math: What ‘Up to 500%’ and ‘Up to 100%’ Mean
The sources give no dollar figure for the waiver’s effect on oil or gasoline prices, so this example uses only the tariff rates in the law. Take an imported shipment worth $1,000. A 100% tariff adds up to $1,000 x 1.00 = $1,000 in duty, for a total cost of up to $2,000. A 500% tariff adds up to $1,000 x 5.00 = $5,000 in duty, for a total of up to $6,000. That is the maximum the law allowed; the actual rates could have been lower. This is a trade-cost example, not a household one. Neither source gives a figure linking these tariffs, or their waiver, to what a US household pays for gasoline, groceries or bills.
What to Check This Week, and What Comes Next
This week, keep an eye on your local pump prices. Note that no source here attributes any price change to this waiver or to the earlier easing of diesel sanctions. Watch for further reaction in Congress, where Fox Business reports criticism from Republicans and Democrats alike. Zelenskyy said he expects Trump to waive other sanctions, CNBC reported, so watch for any further waivers too. Sources: CNBC, Oct. 17, 2026; Fox Business, Oct. 18, 2026. Disclaimer: This analysis is for educational and informational purposes only and should not be construed as financial or investment advice.
