Sunday, 18 May 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > US slashes Russia trade status, nyet to alcohol, seafood
World

US slashes Russia trade status, nyet to alcohol, seafood

Enspirers | Editorial Board
Share
US slashes Russia trade status, nyet to alcohol, seafood
SHARE
Associated Press

ZEKE MILLER

March 11, 2022, 7:56 AM

WASHINGTON (AP) — President Joe Biden announced Friday the U.S. will dramatically downgrade its trade status with Russia as punishment for its invasion of Ukraine and also ban imports of Russian seafood, alcohol and diamonds.

The broad trade shift, which revokes the “most favored nation” status for Russia, is being taken in coordination with the European Union and Group of Seven countries.

“The free world is coming together to confront Putin,” Biden said from the Roosevelt Room of the White House.

Stripping most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy.

Biden’s changes on Russia’s trade status come as bipartisan pressure has been building in Washington to revoke what is formally known as “permanent normal trade relations” with Russia. Ukrainian President Volodymyr Zelenskyy pressed the U.S. and allies to take the action against Russia in remarks to Congress over the weekend. It follows days after the Biden moved to ban imports of Russian oil and gas products.

This week’s moves are the latest for the sanctions that have crippled the Russian economy and a sign that the U.S. and its allies will continue to use their financial heft to retaliate against Russian President Vladimir Putin. The other measures include the freezing of central bank assets, limits on exports and sanctions against Russian oligarchs and their families. These financial tools have led to the Russian ruble losing 76% of its value against the U.S. dollar over the past month, which has caused destructive inflation that could erode Putin’s ability to wage a prolonged war in Ukraine.

Biden, after initially slow-walking congressional attempts to take the trade action against Russia, was embracing lawmakers’ efforts to do just that on Friday.

The earlier sanctions on imports of Russian oil, gas and coal cut off about 60% of U.S. imports from the country.

Most favored nation status has been a baseline for global trade, ensuring that countries within the World Trade Organization are treated similarly. Some countries in the WTO have special privileges due to their status as developing economies. Russia would join the ranks of Cuba and North Korea by not having MFN status from the U.S.

The revocation carries mostly symbolic weight. Because Russian imports into the U.S. are primarily natural resources, they would generally face little to no increase in their tariffs because of the lost status, Ed Gresser of the Progressive Policy Institute in Washington, said in an online post.

Instead of the current tariff rate, buyers of Russian goods would pay rates established under the Smoot-Hawley Tariff Act of 1930, which disrupted trade during the Great Depression. This would still be zero for uranium, rhodium, palladium, silver bullion and king crabs. But the import tax would shoot up for unwrought aluminum, plywood, semi-finished steel and diamonds, among other products.

On Monday, Democrats on the powerful House Ways & Means Committee posted, then removed, an announcement on a bipartisan bill to ban Russian oil imports and slap further trade sanctions on the country, according to an aide, because of pushback from the White House against acting before Biden had coordinated with allies and reached a decision on both matters. The House voted Wednesday on a narrower bill to ban Russian energy imports after Biden instituted the ban by executive order.

Canada was the first major U.S. ally to remove most favored nation status for Russia last week.

Biden’s action was first reported by Bloomberg News.

Share This Article
Twitter Email Copy Link Print
Previous Article What would it mean to charge Putin with war crimes? U.S. wrestles with key question What would it mean to charge Putin with war crimes? U.S. wrestles with key question
Next Article The US will ban Russian seafood, diamonds, and vodka to punish Putin, Biden says The US will ban Russian seafood, diamonds, and vodka to punish Putin, Biden says

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Why Vladimir Putin Invokes Nazis to Justify His Invasion of Ukraine

President Vlodymyr Zelenskyy of Ukraine speaks at a news conference in Kiev on March 3,…

By Enspirers | Editorial Board

Ukraine Latest: US Says Russia and Iran Becoming Full Partners

(Bloomberg) -- Iran’s shipments of drones to Russia for use in the war in Ukraine…

By Enspirers | Editorial Board

Angry crowds set fire to UN vehicles in eastern Congo

GOMA, Congo (AP) — Angry crowds set fire to United Nations vehicles in Congo's city…

By Enspirers | Editorial Board

‘A Man on the Inside’ assessment: Ted Danson and Mike Schur reunite for candy sitcom gold

For those who needed to sum up the driving drive behind any Mike Schur present…

By Enspirers | Editorial Board

You Might Also Like

Israel systematically concentrating on hospitals, Gaza well being ministry says, after scores die in new IDF strikes – Israel-Gaza conflict dwell
World

Israel systematically concentrating on hospitals, Gaza well being ministry says, after scores die in new IDF strikes – Israel-Gaza conflict dwell

By Enspirers | Editorial Board
Romanian run-off probably the most essential on Europe’s ‘Super Sunday’ of elections
World

Romanian run-off probably the most essential on Europe’s ‘Super Sunday’ of elections

By Enspirers | Editorial Board
‘Very disturbing’: Trump receipt of abroad presents unprecedented, specialists warn
World

‘Very disturbing’: Trump receipt of abroad presents unprecedented, specialists warn

By Enspirers | Editorial Board
Australia information reside: Coalition divided over vitality coverage, Ruston admits; Albanese anticipated to satisfy Zelenskyy in Rome
World

Australia information reside: Coalition divided over vitality coverage, Ruston admits; Albanese anticipated to satisfy Zelenskyy in Rome

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?