Posted on Mar 11, 2022
Biden moves to revoke Russia's trade relations status amid war in Ukraine
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https://www.npr.org/2022/03/11/ [login to see] /biden-will-move-to-revoke-russias-trade-relations-status-amid-war-in-ukraine
President Biden on Friday announced that he will work with Congress on legislation to revoke Russia's permanent normal trade relations status because of its invasion of Ukraine.
That would mean Russia would be one of only three countries to not have normal trade relationships with the United States – the other two are Cuba and North Korea — and it would allow for significantly higher duties on imports of Russian goods.
"Putin is an aggressor. He is the aggressor. And Putin must pay the price," Biden said of Russian President Vladimir Putin.
Biden announced that the United States was also banning the import of certain Russian goods like seafood, vodka and diamonds, which the White House said was worth more than $1 billion per year to Russia, and banned U.S. exports of watches, luxury vehicles, high-end clothing, alcohol and jewelry and other high-end goods to Russia, trade worth about $550 million per year.
"We're showing our strength, and we will not falter," Biden said.
The move comes as the G-7 and European Union take similar moves to revoke Russia's "most favored nation" status. Canada revoked that status for Russia last week.
President Biden on Friday announced that he will work with Congress on legislation to revoke Russia's permanent normal trade relations status because of its invasion of Ukraine.
That would mean Russia would be one of only three countries to not have normal trade relationships with the United States – the other two are Cuba and North Korea — and it would allow for significantly higher duties on imports of Russian goods.
"Putin is an aggressor. He is the aggressor. And Putin must pay the price," Biden said of Russian President Vladimir Putin.
Biden announced that the United States was also banning the import of certain Russian goods like seafood, vodka and diamonds, which the White House said was worth more than $1 billion per year to Russia, and banned U.S. exports of watches, luxury vehicles, high-end clothing, alcohol and jewelry and other high-end goods to Russia, trade worth about $550 million per year.
"We're showing our strength, and we will not falter," Biden said.
The move comes as the G-7 and European Union take similar moves to revoke Russia's "most favored nation" status. Canada revoked that status for Russia last week.
Biden moves to revoke Russia's trade relations status amid war in Ukraine
Posted from npr.org
Joe Biden
Russia
Ukraine
International Trade
Posted 2 y ago
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PO1 William "Chip" Nagel
...:"Putin is an aggressor. He is the aggressor. And Putin must pay the price," Biden said of Russian President Vladimir Putin.
Biden announced that the United States was also banning the import of certain Russian goods like seafood, vodka and diamonds, which the White House said was worth more than $1 billion per year to Russia, and banned U.S. exports of watches, luxury vehicles, high-end clothing, alcohol and jewelry and other high-end goods to Russia, trade worth about $550 million per year.
"We're showing our strength, and we will not falter," Biden said.
The move comes as the G-7 and European Union take similar moves to revoke Russia's "most favored nation" status. Canada revoked that status for Russia last week.
According to the U.S. Trade Representative, U.S. imports from Russia were worth $22 billion in 2019, the vast majority of which was oil, metals, fertilizer and chemicals.
Friday's announcement came just days after the U.S. announced a ban on all U.S. imports of Russian oil, gas and other forms of energy. U.S. allies in Europe were not part of the announcement because they rely much more heavily on Russian energy imports — the United States counts on Russian oil for less than 10% of its imports."...
...:"Putin is an aggressor. He is the aggressor. And Putin must pay the price," Biden said of Russian President Vladimir Putin.
Biden announced that the United States was also banning the import of certain Russian goods like seafood, vodka and diamonds, which the White House said was worth more than $1 billion per year to Russia, and banned U.S. exports of watches, luxury vehicles, high-end clothing, alcohol and jewelry and other high-end goods to Russia, trade worth about $550 million per year.
"We're showing our strength, and we will not falter," Biden said.
The move comes as the G-7 and European Union take similar moves to revoke Russia's "most favored nation" status. Canada revoked that status for Russia last week.
According to the U.S. Trade Representative, U.S. imports from Russia were worth $22 billion in 2019, the vast majority of which was oil, metals, fertilizer and chemicals.
Friday's announcement came just days after the U.S. announced a ban on all U.S. imports of Russian oil, gas and other forms of energy. U.S. allies in Europe were not part of the announcement because they rely much more heavily on Russian energy imports — the United States counts on Russian oil for less than 10% of its imports."...
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