According to US media, President Biden wants to ask Congress to suspend normal trade relations with Russia. The country would then fall into the same category as, say, Cuba or North Korea.
According to media reports, the USA, together with other G7 countries and the EU, want to pave the way for higher tariffs on Russian goods.
President Joe Biden wants to ask the US Congress on Friday to suspend normal trade relations with Russia, the Wall Street Journal and the financial service Bloomberg reported, citing informed people.
Formally, it would be a matter of repealing Russia’s status as the so-called “most favored nation”. This principle prescribes the equal treatment of countries in the World Trade Organization WTO with regard to tariffs and other regulatory measures.
From a US foreign trade perspective, suspending normal trade relations would put Russia in the same category as, say, Cuba or North Korea. Biden could announce the plan at an appearance on US action against the Russian war in Ukraine, scheduled for 4:15 p.m. ET.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
