Trump seeks 60-day review period for Russia sanctions, tariff impact

US Secretary of State Marco Rubio said Friday that President Donald Trump intends to use a 60-day period to evaluate the economic consequences of implementing sanctions against Russia and tariffs on other countries. Rubio made the remarks while preparing for a week-long diplomatic tour of Uzbekistan and India.

"The president wants to take the 60-day period to analyse what imposing both sanctions and tariffs will mean to the global economy, and even to the US economy," Rubio said in response to questions about waivers granted under the Sanctioning Russia and Iran Act, also known as the Graham Act.

On Friday, Trump signed an executive order waiving key provisions of the Graham Act that would have authorised punitive tariffs on nations purchasing Russian oil. The decision provides relief to India, a major importer of Russian petroleum products. The waivers are set to remain in effect pending further review by the President or Secretary of State.

The 60-day evaluation period underscores the Trump administration's approach of conducting a comprehensive assessment before implementing broad economic sanctions and tariff regimes that could have far-reaching consequences for global trade and energy markets.