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Senator offers bill to revoke Russia's trade status
Senate Finance Committee Chairman Ron Wyden (D-Ore.) introduced legislation on Wednesday that would revoke Russia’s trade status, which allows lower tariffs for Russian goods, in response to its invasion in Ukraine.
Under the legislation, it would do away with Russia’s Permanent Normal Trade Relations (PNTR) status. Compared to countries who sell products in the U.S. and do not have a PNTR trade status, Russia goods in the U.S. are subject to lower tariffs.
The bill gives President Biden authority to raise tariffs on Russian goods and would also have the president urge the U.S. Mission to the World Trade Organization "to use the voice and influence of the United States at the World Trade Organization to seek the suspension of the membership of the Russian Federation in the World Trade Organization."
“[Vladimir] Putin’s unjustified, unprovoked and appalling invasion of Ukraine shows he doesn’t believe international laws apply to Russia. You don’t get to do that and still benefit from normal trade relations,” Wyden said in a statement.
“I urge my colleagues to set partisanship aside and quickly revoke Russia’s most-favored-nation trade status to send a clear message to Putin that the invasion of Ukraine will have devastating consequences for his regime.”
Senate Finance Committee Chairman Ron Wyden (D-Ore.) introduced legislation on Wednesday that would revoke Russia’s trade status, which allows lower tariffs for Russian goods, in response to its invasion in Ukraine.
Under the legislation, it would do away with Russia’s Permanent Normal Trade Relations (PNTR) status. Compared to countries who sell products in the U.S. and do not have a PNTR trade status, Russia goods in the U.S. are subject to lower tariffs.
The bill gives President Biden authority to raise tariffs on Russian goods and would also have the president urge the U.S. Mission to the World Trade Organization "to use the voice and influence of the United States at the World Trade Organization to seek the suspension of the membership of the Russian Federation in the World Trade Organization."
“[Vladimir] Putin’s unjustified, unprovoked and appalling invasion of Ukraine shows he doesn’t believe international laws apply to Russia. You don’t get to do that and still benefit from normal trade relations,” Wyden said in a statement.
“I urge my colleagues to set partisanship aside and quickly revoke Russia’s most-favored-nation trade status to send a clear message to Putin that the invasion of Ukraine will have devastating consequences for his regime.”
Senator offers bill to revoke Russia’s trade status
Senate Finance Committee Chairman Ron Wyden (D-Ore.) introduced legislation on Wednesday that would revoke Russia’s trade status, which allows lower tariffs for Russian goods, in response to its in…
thehill.com