Imports from Russia will be subjected to higher tariffs. U.S. steelmakers are among industries bracing for the fallout.
What happened
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Why it matters
UPDATE April 11, 2022: President Joe Biden on Friday signed the two bills into law, suspending normal trade relations with Russia and ending energy imports from the country.
Revoking normal trade relations will immediately raise tariffs on certain imports from Russia, and the bill legislators approved Thursday potentially sets the stage for further sanctions in the future.
Imports from Russia will be subjected to new tariff rates set under column 2 of the U.S. Harmonized Tariff Schedule. Only two other countries — North Korea and Cuba — do not have normal trade relations with the U.S. and are subjected to these rates.
This news brief is based on reporting published by Supply Chain Dive on 2022-04-07. The original report is linked below.
Supply Chain Dive
https://www.supplychaindive.com/news/congress-votes-suspend-trade-ties-russia-ban-oil-imports-ukraine/621769/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
