CNBC host Jim Cramer weighed in on a report that said President Donald Trump has made America an ally of Russia, days after he waived the sanctions law Congress passed last month.
Trump ‘Abandoned Pretense’
A report by The Atlantic said that Trump has “abandoned pretense and is openly aiding the Kremlin” in its war against Ukraine.
The article published Sunday argued that the decision had little to do with national security and more to do with Trump’s own interests, and that the diesel arrangement with Moscow will not ease fuel prices in the U.S.
Cramer called the events “tragic” in a post on X on Monday.
Trump has been under pressure to lower gas prices ahead of the midterm elections on Nov.3, with the war in Iran disrupting oil supplies across global markets.
According to the American Automobile Association, diesel prices averaged $6.3187 a gallon on Monday, about 74% above a year earlier, while regular gasoline averaged $4.2953, up about 41%.
Earlier this month, Trump announced Russia would supply 300,000 metric tons of diesel, with more shipments to follow, and blamed Ukrainian President Volodymyr Zelenskyy for striking Russian oil refineries.
The first 300,000 metric tons equal roughly 2% of a month’s U.S. diesel demand, and Goldman Sachs Group estimated that the October and November shipments would cut wholesale prices by just $1 to $2 a barrel.
A Loophole in the Sanctions Law
The Lindsey O. Graham Sanctioning Russia and Iran Act, signed in September, directed the president to impose duties of up to 500% on Russian goods and up to 100% on goods from the top five buyers of Russian oil and gas.
Secretary of State Marco Rubio said Trump could take up to 60 days to weigh the economic impact, a review that would end around mid-December.
The Atlantic called that “nonsense” because the order includes no such timeline.
Congress Has Few Options
The report said Congress would need a veto-proof majority to amend the law, and that courts are unlikely to intervene when the president invokes national security.
For Ukraine, the near-term outlook depends on aid from Europe, the report added.
On Saturday, Zelenskyy signaled openness to U.S.-led peace talks, saying Kyiv is ready to negotiate anywhere and in any format, and said Ukraine is counting on Washington to put more pressure on Putin rather than on Kyiv.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: katz / Shutterstock.com
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