Biden threatens fresh blow to Russia trade
Washington is set to hike import duties on hundreds of Russian goods in an attempt to slash Moscow’s income from trade, the White House announced on Monday.
A statement released online ahead of US President Joe Biden’s meeting with the G7 leaders in Germany said the US would “implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 billion.” The measures will restrict Russia’s ability to benefit economically from sales in the American market, the release explains. This follows a revocation by Washington of Moscow’s “most favored nation” trade status in April, which had guaranteed low tariffs on Russian goods sold globally.
According to the White House, over the past few months, US exports to Russia have decreased by approximately 97%, while Russia’s imports of goods from around the world could fall by 40%.
The US, EU and their G7 allies Canada, Japan and the UK seek to ratchet up economic pressure against Russia over its actions in Ukraine. According to the US administration, the G7 leaders will “align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services, and technologies,” particularly those supporting its industrial and technology sectors.
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