Trump Signs Order Waiving Russia-Related Sanctions and Tariffs

President Donald Trump’s move to set aside a new Russia sanctions law has, for now, eased a tariff threat to Apple and other companies making goods in China and India. Trucking, rail and farming industries, which rely heavily on diesel, also receive some relief while Russian fuel continues to flow. U.S. consumers avoid potential price increases on phones and other imports from those countries.

U.S. refiners, however, could face modestly greater competition. Domestic fertilizer producers, which have benefited from elevated prices, may lose the protection that the law’s steep tariffs could have provided. The waiver is the latest instance of Washington policy directly affecting corporate fortunes.

A sanctions law, a diesel deal with Moscow and now a waiver have changed the outlook for phone makers, refiners and fertilizer producers. Trump signed an executive order late Friday waiving sanctions and tariffs under the Lindsey O. Graham Sanctioning Russia and Iran Act. First introduced more than a year ago by the late Sen.

Lindsey Graham, the law directed the president to impose duties of up to 500% on Russian goods. It also called for The measure provided for duties of up to 100% on goods from the five largest buyers of Russian oil and gas, including China and India. With the midterm elections weeks away, Trump faced pressure over high energy prices as the war with Iran disrupted oil supplies, Reuters reported. The move drew criticism from both parties in Washington.

Sen. Darline Graham (R-S.C.), whose late brother had championed the bill, broke with the president, saying she would prefer to “keep the pressure on Russia” because she does not trust Russian President Vladimir Putin. Republican Sens. Thom Tillis and John Cornyn, as well as Senate Democratic Leader Chuck Schumer, also criticized the move.

Ukrainian President Volodymyr Zelenskiy said Washington had chosen to “completely disregard” the law. Apple Inc. (NASDAQ: AAPL) and other companies with substantial manufacturing operations in China and India had faced significant exposure. Reuters reported that the 100% tariff would have covered all goods imported from a targeted country, not only energy.

The threat was uncertain: before the deadline, the administration had not identified target countries or set a rate, and the law permitted a rate of up to 100%. China accounted for about 74% of global iPhone production in 2025. India’s share is projected to reach as much as 28% this year. Kpler’s ship-tracking analysis showed India remained the largest buyer of Russian crude in September.

Trump signed the order after Friday’s market close, making Monday the first U.S. trading session since. Apple shares ended Friday at $343.46, as preorders for its foldable iPhone sold out. Fertilizer makers could also be affected.

Russia supplied about 35% of U.S. urea imports through July this year and roughly half of UAN nitrogen fertilizer imports, according to S&P Global. In September, market participants and industry groups were uncertain about whether the Graham Act’s tariffs would include fertilizer; some anticipated an agricultural exemption. However, the statute covers “all goods” from Russia, subject to limited exceptions.

If applied to fertilizer, the tariffs would have increased farm costs and barred the largest foreign competitor. That would have benefited three domestic producers, which were already gaining from tight supplies since the Iran war began. CF Industries Holdings Inc. (NYSE: CF) said its second-quarter average selling price for nitrogen rose 39% to $523 CVR Partners LP (NYSE: UAN) reported second-quarter realized UAN prices up 24% and ammonia prices up 33%.

LSB Industries Inc. (NYSE: LXU) recorded increases of 41% in UAN prices and 78% in ammonia prices, although plant maintenance left it with a quarterly loss. CF ended Friday at 120.85, a 39% gain over 12 months. CVR Partners closed at 126.36, up about 40% over the past year, while LSB ended at 10.63, up 25% over the 12-month period.

Diesel Deal Remains Intact Consumers of diesel are expected to benefit from the decision. Without the waiver, the law would have imposed tariffs on Russian petroleum products, including diesel. Those tariffs would have weakened the diesel agreement Trump reached with Moscow a week earlier. The Treasury Department has authorized Russian diesel imports through April 2027.

The initial shipment of about 300000 metric tons is equivalent to roughly 2% of a month’s U.S. diesel demand. It will be followed by 500000 tons in November and 1 million tons immediately afterward. The volumes add only modest competition for refiners Valero Energy Corp.

(NYSE: VLO) and Marathon Petroleum Corp. (NYSE: MPC). Goldman Sachs estimated that an additional 800000 tons of Russian diesel would reduce wholesale prices by just $1 to $2 a barrel. Secretary of State Marco Rubio said Trump will spend up to 60 days assessing how sanctions and tariffs affect the global and U.S.

economies. The waiver remains in place until the administration determines that further action is appropriate. The 60-day review is expected to conclude around mid-December. Whether the waiver remains in force after that review is unclear.

If Trump reverses course in December, Apple and companies with supply chains in China or India would again face the tariff threat.