The U.S. will dramatically downgrade its trade status with Russia, raising tariffs on some products and banning imports of Russian seafood, alcohol and diamonds.
WASHINGTON — 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.
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.
The earlier sanctions on imports of Russian oil, gas and coal cut off about 60% of U.S. imports from the country.
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