Biden announces big decision! Tariffs will rise from 3 per cent to 32 per cent with the removal of Most-favored-nation status for Russia

Recently, the US President Joe biden in a speech at the White House, said it would cancel about Russia’s treatment of permanent normal trade relations, namely “most-favored-nation treatment”.And will work with the group of seven (G7), and the leaders of the European Union to demand an end to normal trade relations with Russia, adopt impose punitive high tariffs and other measures.But biden could not unilaterally decided to cancel the permanent normal trade relations with Russia, the media quoted an official as saying that Joe biden will work with congress legislation, “every country will be subject to its domestic program to implement”.

Status of loss “most-favored-nation treatment” means Russia exports the United States, some of the products will be a higher tariff. The United States, for example, the Russian caviar tariff rate jumped to 30% from 15%, plywood tax will be from zero to 30%. Now the vodka duty-free imports will be to impose tariffs on $1.78 per liter.According to the analysis of the peterson institute for economic research, cancel Russia’s normal trade relations status, means that America’s average tariff rate to Russia’s goods will be increased from 3% to 32%.However, the scale of the trade between the United States and Russia is not big. According to the U.S. census bureau data, Russia is the largest trade partner of 23 in 2021, bilateral trade volume of goods for $36.1 billion.



Post time: Mar-15-2022