Trump seeks 60 days to weigh Russia sanctions, tariff impact

Marco Rubio said Donald Trump will use 60 days to assess sanctions and tariffs. The review offers India temporary relief while accounting for global energy disruptions.

In Short

• Rubio announced the review before departing for Uzbekistan and India
• Waivers cover key Graham Act provisions targeting Russian oil buyers
• Executive order allows officials to recommend further action when necessary

US President Donald Trump wants 60 days to assess how sanctions on Russia and tariffs on other countries could affect the global and US economies, Secretary of State Marco Rubio said, according to news agency Press Trust of India.

Rubio made the remarks in Washington on Saturday evening before leaving for a week-long visit to Uzbekistan and India. He is scheduled to be in India on Monday.

Responding to a question about waivers granted by Trump under the Sanctioning Russia and Iran Act, also known as the Graham Act, Rubio said, "I think the president wants to take the 60-day period of time to sort of analyse what imposing both sanctions and tariffs will mean to the global economy, and even to the US economy."

Trump on Friday waived key provisions of the Graham Act that authorised punitive tariffs on countries buying Russian oil, offering relief to India.

Trump's executive order said the waivers would remain in effect until the president or the secretary of state, in consultation with the treasury secretary and the trade representative when appropriate, decides that further action is needed.

Rubio said the waivers were included when the Graham Act was passed to allow the administration to study global developments, including pressure on energy supplies because of the Iran war, Houthi attacks in Saudi Arabia and the Russia-Ukraine war, PTI reported.

"So I think you have to take all of that into account and weigh it against each other," Rubio said.

Referring to India's energy purchases, Rubio said, "Then you've got countries like India, for example, that have voluntarily diversified their energy portfolio, but are still getting a substantial amount of energy from Russia because it's hard to pivot from one day to the next."

Rubio said India was an important ally and partner of the United States, adding that Trump needed the 60-day period to study the economic and energy-related factors and decide on the appropriate combination of sanctions and tariffs.

With PTI Inputs

- Ends