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U.S. and Allies Seek to Impose Higher Tariffs on Russian Imports

Today, President Biden is expected to announce that the U.S., European Union, and Group of Seven countries will revoke Russia’s “most favored nation” trade status in yet another retaliatory measure against the country’s invasion of Ukraine. 

Bipartisan pressure has been mounting to annul what is known as “Permanent Normal Trade Relations”, or PNTR, with Russia. PNTR is a legal designation in the United States for free trade with a foreign nation. Days earlier, President Biden moved to ban imports of Russian oil, gas, and coal to the United States.

Rescinding the most favored nation status from Russia would grant the U.S. and its allies the ability to impose higher tariffs on Russian imports, exerting additional pressure on the Russian economy as Russia continues to attack its neighboring country...

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