On Friday, President Joe Biden called on the United States to revoke Russia’s most favored country status. This would lower Russia’s rating as a trading partner and create a damaging risk of new tariffs on Moscow.
According to Biden, the European Union (EU) and the G-7 are expected to take similar steps. Canada removed Russia’s most favored country status last week.
On Friday, President Biden signed an executive order banning imports of Russian seafood, non-industrial diamonds and alcohol into the United States.
The order also prohibits the export or sale of American luxury goods to anyone in Russia. This includes watches and clothing, high-end jewelry, expensive alcohol, and luxury cars. All are prominent features in the lifestyle of the wealthy Russian oligarchs.
While speaking at the White House, US President Biden repeatedly pointed out that Russian President Vladimir Putin is an autocrat in governing the country.
Biden needs Congress to act to repeal Russia’s trade classification. It can be seen that both Democrats and Republicans support this move. US House Speaker Nancy Pelosi has announced that the House intends to pass a bill next week to revoke Russia’s most favored state status.
Likewise, the US Senate is also working on a bill. “We’re working to get an agreement that the Senate can pass quickly,” Senate Majority Leader Chuck Schumer told reporters Friday.
Both Republicans and Democrats strongly support President Biden’s non-military efforts to sanction Russia, and some have proposed bills to strip Russia of WTO membership.
Biden’s announcement marks the latest attempt by the United States and dozens of other countries to deploy their unprecedented efforts to isolate and sabotage the Russian economy.
Ukrainian President Volodymyr Zelenskyy last weekend immediately asked the US Congress to revoke the status of Russia’s most favorite country.
Earlier this week, Biden signed an executive order banning imports of Russian oil. The US, European Union and NATO countries have also imposed sanctions on Russian businesses, members of the oligarchs, elites and even President Putin himself.
Hundreds of large companies have voluntarily withdrawn their business from Russia.
If Russia’s trade status above is lifted, the Biden administration and the US Congress will be able to impose tariffs on any goods Russia exports to the US.
According to the Office of the United States Trade Representative, Russia was the 26th largest trading partner of the US in 2019. Russian exports to the US in 2021 amounted to 29 billion USD. Most include oil and gas products.
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