Since its inception, the Trump 2.0 era has forced countries to continually reassess their trade options with the United States. On October 16, President Trump waived the specified duties and sanctions under the Lindsey O Graham Sanctioning Russia and Iran Act. The Act, which was signed on September 18, had authorised duties of up to 500 per cent on direct US imports from Russia and up to 100 per cent on goods from the five largest buyers of Russian crude and gas in the previous year if they made new purchases from October 18, and from the five largest facilitators of oil-sanctions evasion. China and India are the two major buyers targeted by the tariff threat.

The waiver does not repeal the Act, and it can be withdrawn. Secretary of State Marco Rubio said that the administration would take around 60 days to assess the implications. A week earlier, on October 9, Trump had also said Russia would supply several million tons of diesel to US and global markets.…