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Biden raises U.S. tariff rate on certain Russian imports to 35%

Biden raises U.S. tariff rate on certain Russian imports to 35%
© Reuters. U.S. President Joe Biden waves, as G7 leaders meet with outreach guests for the working session at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. REUTERS/Lukas Barth/Pool

WASHINGTON (Reuters) – U.S. President Joe Biden on Monday raised the tariff rate on certain Russian imports to 35% as a result of suspending Russia’s “most favored nation” trading status over its war in Ukraine, according to a proclamation issued by the White House.

The higher 35% duty applies to imports of “certain other products of the Russian Federation, the importation of which has not already been prohibited,” the proclamation said.

The Biden administration previously banned U.S. imports of Russian petroleum and energy products, fish, seafood, alcoholic beverages and non-industrial diamonds. An annex listing the products subject to the higher duty was not immediately available.

Source: Investing.com

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