President Donald Trump signed an executive order late Friday waiving sanctions and tariffs under the Lindsey O. Graham Sanctioning Russia and Iran Act. This decision temporarily shields Apple Inc. (NASDAQ: AAPL) and manufacturers in China and India from threatened duties of up to 100% on imported goods.

The waiver, issued before the law’s effective date, also preserves the flow of Russian diesel and petroleum products into the U.S. market. While this offers relief to consumers facing high energy prices, it removes a potential competitive shield for domestic fertilizer producers who had benefited from elevated prices due to supply constraints.

Tariff threat lifted for tech and manufacturing

The Graham Act directed the president to impose duties of up to 500% on Russian goods and up to 100% on goods from top buyers of Russian oil and gas, including China and India. The threat was significant for companies with large manufacturing footprints in these regions.

Apple closed at $343.46 on Friday, the same day preorders for its foldable iPhone sold out. The company’s exposure was substantial given global production data:

India remained the largest buyer of Russian crude in September, according to Kpler ship-tracking analysis. The administration had not named specific target countries or set a final rate before the deadline, leaving the scope ambiguous until the waiver was signed.

Fertilizer sector loses protection

The waiver eliminates the prospect of steep tariffs on Russian fertilizer imports, which had been expected to benefit domestic producers. 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.

Domestic producers had seen strong pricing power amid tight supplies since the Iran war began. The following table summarizes recent performance metrics for key U.S. fertilizer companies:

CF Industries closed at $120.85, CVR Partners at $126.36, and LSB Industries at $10.63 on Friday. LSB reported a quarterly loss despite price gains, attributed to plant maintenance.

Diesel supply and refiner impact

The waiver ensures that the diesel agreement Trump struck with Moscow remains intact. The Treasury Department has licensed Russian diesel imports through April 2027. This prevents the Graham Act’s tariffs from undercutting the deal, which aims to stabilize energy prices ahead of midterm elections.

The impact on domestic refiners like Valero Energy Corp. (NYSE: VLO) and Marathon Petroleum Corp. (NYSE: MPC) is expected to be modest. Goldman Sachs estimated that 800,000 extra tons of Russian diesel would cut wholesale prices by just $1 to $2 a barrel. The first shipment of about 300,000 metric tons equals roughly 2% of a month’s U.S. diesel demand, followed by 500,000 tons in November and 1 million tons thereafter.

Waiver duration and political reaction

Secretary of State Marco Rubio stated that Trump will take up to 60 days to weigh the impact of sanctions and tariffs on the global and U.S. economies. This review period ends around mid-December, meaning the relief is temporary.

The move drew bipartisan criticism. Sen. Darline Graham (R-S.C.), sister of the late Sen. Lindsey Graham, said she would prefer to "keep the pressure on Russia." Ukrainian President Volodymyr Zelenskiy stated that Washington had chosen to "completely disregard" the law.

What the numbers show

The divergence between fertilizer stock performance and the waiver’s implications highlights a market pricing in policy risk rather than just operational results. CF Industries and CVR Partners shares rose approximately 39-40% over the last 12 months, driven by price increases of 39% and 24-33% respectively. However, these gains were partly predicated on the expectation that Russian competition would be curtailed by tariffs. By waiving these tariffs, the administration removes a key tailwind for these stocks, potentially exposing their valuations to renewed import competition despite their strong current pricing power.

President Donald Trump ruled out the use of nuclear weapons against Iran and dismissed the prospect of deploying US ground troops, despite emerging reports of potential strikes on Iranian energy infrastructure. Speaking to Newsmax on Thursday, Trump emphasized that while the United States remains the "greatest nuclear power," such weaponry is unnecessary for the current conflict.

The remarks follow CNN reports that the US military has developed plans to target Iranian nuclear facilities and energy sites. These operations could be launched either before or after the November 3 midterm elections, should Trump order a resumption of military action. Earlier this month, Trump indicated he would not resume strikes prior to the elections.

Conventional options under consideration

When asked about the GBU-43/B Massive Ordnance Air Blast (MOAB), commonly known as the "Mother of All Bombs," Trump clarified its nature. He described the weapon as "like a tiny nuclear bomb" in terms of destructive power but stressed it is strictly conventional. The MOAB is the largest non-nuclear bomb in the US arsenal, previously used in combat in Afghanistan in 2017 against ISIS militants.

Trump did not directly confirm or deny whether the US was considering using the MOAB against Iran. The White House did not immediately respond to requests for comment regarding the specific strike plans.

Shipping risks escalate in Strait of Hormuz

Commercial shipping faces heightened threats in the Strait of Hormuz, a critical global energy route. The UK Maritime Trade Operations agency rated the threat level as "severe" following eight attacks in the strait since October 11.

Recent incidents include the sinking of the Singapore-registered container ship GFS Pride, which was hit by an unidentified projectile and caught fire. The agency stated that "deliberate hostile action" was highly likely in these incidents, raising significant concerns for maritime safety in the region.