Trump Waives Russia Tariffs as October 18 Deadline Arrives, Rubio Announces 60-Day Review
Published October 18, 2026, 12:20 AM PKT. Based on Reuters' October 17 and October 18, 2026 reports (primary source), coindoo's October 18, 2026 report (secondary source), yourweb3guy's October 18, 2026 analysis (secondary source), and Coinpedia's reporting carried by BitRss (secondary source).
President Donald Trump has waived the sanctions and tariffs under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, signing an executive order on Friday, October 16, that paused the measures days before they were due to take effect, according to Reuters. The October 18 deadline for the tariff determinations arrived with the tariffs on hold. Secretary of State Marco Rubio said on Saturday that Trump will use up to 60 days to assess the economic impact before deciding whether to impose them. "A lot of you don't know what my decision is yet, but we'll figure it out, and you'll figure it out," Trump told reporters at his Mar-a-Lago club in Palm Beach, Florida.
The Graham Act, signed in mid-September at the urging of lawmakers seeking to pressure Moscow over the war in Ukraine, would have imposed tariffs of up to 100% within 30 days on all goods brought into the United States from the five largest importers of Russian crude oil or gas, according to Reuters. A separate provision set duties of up to 500% on Russian goods themselves, including oil, natural gas and petroleum products, according to Coinpedia's reporting carried by BitRss. Trump submitted a certification to Congress that issuing the waiver was in the national interests of the United States, Reuters reported.
The Friday waiver: tariffs paused days before taking effect
Trump signed the executive order on Friday waiving key sanctions and tariffs under the law, which he had signed last month at the urging of lawmakers who want to pressure Moscow over its war in Ukraine, according to Reuters. The measures, including tariffs on Russian goods and penalties on countries buying Russian oil and gas, were due to take effect next week. Friday's order did not specify how long the waiver would last.
The order drew immediate criticism from Ukrainian President Volodymyr Zelenskiy, who warned it would embolden Russian President Vladimir Putin and prolong the war, according to Reuters.
The 60-day review: Rubio weighs the economic damage
Rubio said on Saturday that the president opted for a 60-day review period. "I think the president wants to take the 60-day period of time to sort of analyze what imposing both sanctions and tariffs will mean to the global economy and even to the US economy," Rubio told reporters before boarding a plane for a trip to Uzbekistan.
The waiver comes just weeks before November's midterm elections, with Trump under pressure over high energy prices as the war with Iran disrupts global oil supplies, according to Reuters. Complicating matters, the Graham Act calls not only for sanctions on Russia but also for tariffs on goods from countries that import Russian energy supplies. Rubio pointed to India, an important US partner that has diversified its energy supplies but remains heavily dependent on Russian oil.
The diesel deal: 300,000 metric tons from Russia
Rubio also defended a separate US agreement with Russia to increase diesel supplies to global markets, aimed at easing fuel prices that have climbed amid the war with Iran and disruptions to energy supplies, according to Reuters. Under the agreement, Trump said Russia would initially supply more than 300,000 metric tons of diesel to the United States, followed by shipments in November and beyond. "That diesel is going to be sold one way or the other," Rubio said. "The only difference is how much of it the United States was going to get."
US diesel averaged $6.29 a gallon in September, according to coindoo. "These conflicts around the world are starting to crash into each other," Rubio said, describing the challenge of managing conflicts in the Middle East and Ukraine that have disrupted global energy supplies.
The backlash: Zelenskyy warns, the Graham camp dissents
Zelenskiy warned that Friday's executive order would embolden Putin and prolong the war, according to Reuters. Dissent also came from the political family behind the legislation. Senator Darline Graham, a South Carolina Republican whose late brother Lindsey Graham championed the legislation that bears his name, said she disagreed with Trump's decision and planned to discuss it with him when he campaigns for her next week. "Personally, I would choose to keep the pressure on Russia," she told reporters on Saturday. "Because I don't trust Putin and I don't trust Russia."
Bitcoin holds $81,600 as traders turn to the October 28 Fed meeting
Bitcoin traded near $81,600 on Sunday morning, about 35% below its record high, and barely moved over the weekend, according to coindoo. The tariff escalation had already shaken crypto markets earlier: when Trump backed the 500% tariff bill, the total crypto market capitalization fell 3.23% to $3.19 trillion, with Bitcoin and other large-cap coins dropping between 3% and 8%, according to Coinpedia's reporting carried by BitRss. A precedent from October 2025 shows how sensitive the market is to tariff shocks: when Trump threatened extreme tariffs on Chinese imports, crypto markets saw nearly $19 billion in liquidations in a day and Bitcoin plunged from near $126,000 to below $100,000.
The next macro test comes October 28, when the Federal Reserve meets after a September rate hike and a 3.7% September inflation reading, according to coindoo. The hotter-than-expected inflation print pushed traders to price in fewer rate cuts. yourweb3guy argues the waiver removes a high-inflation shock from the outlook, which lowers the odds of further Fed hikes and keeps the path clearer for risk assets, including Bitcoin.
This article is news reporting and is not investment advice.
Sources
- Reuters, October 18, 2026, primary source: Rubio said Saturday the president will use up to 60 days to assess the economic impact of the Russia-related sanctions and tariffs waived a day earlier; Trump's Mar-a-Lago remarks; waiver weeks before November midterm elections with Trump under pressure over high energy prices as the war with Iran disrupts oil supplies; Friday order did not specify how long the waiver would last; Zelenskiy criticism warning it would embolden Putin and prolong the war; Senator Darline Graham's disagreement and quotes; diesel agreement with Russia for more than 300,000 metric tons initially plus November-and-beyond shipments; Rubio's diesel and "conflicts crashing into each other" quotes; India as important US partner heavily dependent on Russian oil
- Reuters, October 17, 2026, primary source: Trump signed an executive order Friday waiving many sanctions, restrictions and duties days before they were to take effect under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 signed in mid-September; tariffs of up to 100% within 30 days on goods from the five largest importers of Russian crude oil or gas; certification that the waiver is in the national interests of the United States; legislation's primary backer the late Senator Lindsey Graham; Friday's order drew criticism from Zelenskiy
- coindoo, October 18, 2026, secondary source: Bitcoin near $81,600 on Sunday morning, about 35% below its record, barely moved over the weekend; waiver follows Trump's diesel deal; US diesel averaged $6.29 a gallon in September; Fed meets October 28 after a September rate hike and a 3.7% inflation reading; waiver order sets no end date; Rubio's 60-day review reported via Reuters
- yourweb3guy, October 18, 2026, secondary source: Trump waived the new 500% Russia tariffs on October 16, removing a key inflation risk for BTC; waiver analysis that removing the high-inflation shock lowers the probability of further Fed rate hikes, which historically supports higher Bitcoin prices
- Coinpedia via BitRss, October 2026, secondary source: 500% tariff bill targets Russian oil buyers including India, China and Brazil; crypto market capitalization dropped 3.23% to $3.19 trillion on the escalation with Bitcoin and large caps falling 3% to 8%; October 2025 precedent of nearly $19 billion in crypto liquidations in a day when Trump threatened extreme China tariffs, with Bitcoin plunging from near $126,000 to below $100,000
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