Trump defers 100% tariff threat on India over Russian oil

US President Donald Trump has temporarily suspended the threat of tariffs of up to 100% on India over its Russian oil purchases, offering short-term relief while leaving uncertainty about future penalties. Indian refiners have reduced Russian crude imports to about 1.8 million barrels per day from 2.7 million in July 2026, while India's crude import bill rose 31.6% in September to $15.4 billion amid higher global prices. The waiver, invoked under the Graham Act, allows a 60-day review period. Washington has also arranged a diesel supply deal with Russia, raising questions about inconsistent sanctions application. India faces ongoing trade negotiations with the US, and the tariff threat could be revived as leverage, with energy costs and supply diversification remaining key challenges.