Biden should call for ending normal trade relations with Russia
Friday, President BidenJoe BidenBiden expected to call for end of normal trade relations with Russia Senate avoids shutdown, spends 0.6 billion in Ukraine and GOP senators urge Biden to accelerate the transfer of air power and air defense systems to the MORE is expected to call for an end to Russia’s “permanent normal trade relations” (PNTR) status, allowing higher tariffs on goods from Russia, multiple news outlets reported.
People familiar with the matter told Bloomberg News that the first to report the news, that Biden will make the announcement with leaders of the European Union and Group of Seven nations.
A senior government official Recount Reuters that Congress will have to revoke Russia’s PNTR status, but the news service noted that such a move already appears to have bipartisan support.
Earlier this month, the chairman of the Senate Finance Committee Ron WydenRonald (Ron) Lee WydenBiden should call for an end to normal trade relations with Russia. The IRS budget has been beefed up as the agency battles the backlog of tax returns. (D-Ore.) introduced legislation that would revoke Russia’s PNTR status. Russian goods are subject to lower tariffs in the United States compared to countries that do not have this status and sell goods in the United States
The House on Wednesday halted ahead of a bipartisan deal that would have suspended normal trade relations with Russia and Belarus, but passed a bill that includes trade provisions that would limit Russia’s access to the World Trade Organization (WTO), including by pushing the U.S. Trade Representative to encourage other WTO member countries to suspend both Russia’s participation in the organization and trade within the country.
Asked about the legislation before it was passed by the House, Psaki told reporters “in terms of the specifics of the WTO” that “It’s not a unilateral action that the United States might take or that the president might take, but we will continue those conversations as well.”
The United States, along with much of the international community, has sought to further isolate Russia economically. Earlier this week, President Biden also announced a ban on imports of Russian oil, natural gas and coal.
The Hill has contacted the White House for comment.