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The U.S. Congress voted Thursday to revoke Russia’s “most favored nation” trade status, intensifying its response to the country’s invasion of Ukraine. The U.S. had previously banned Russian oil, gas, and coal, eliminating 60% of imports from Russia.
WASHINGTON (AP) — With Congress voting to suspend normal trade relations with Russia...
Legislation opens way for US to impose higher tariffs on Russian imports, including steel and aluminum products.
The bill to end normal trade relations with Russia opens the way for Biden to impose higher tariffs on various imports, such as steel and aluminum.
Here is a deeper look at what "most favored nation" status really means and what stripping it from Russia means for the U.S. supply chain.