Thursday, November 07, 2024

Business

Joe Biden to call to end a normal trade bond with Russia, a higher rate on Russian imports: Source

Joe Biden to call to end a normal trade bond with Russia, a higher rate on Russian imports: Source

President U.S. Joe Biden on Friday will call for the termination of normal trade relations with Russia on the invasion of Ukraine, clearing the road to increase tariffs on Russian imports, two people who are familiar with the situation to Reuters.

This step marks the latest escalation of encouragement by the United States and its allies to suppress Russian President Vladimir Putin to end the biggest war in Europe since the Second World War.

Russia called her actions in Ukraine a “special operation”.

Removing Russian status “Permanent Normal Trade Relationship” will require congress action, said a senior administrative official. But parliamentarians in both Congress houses have expressed support for such steps.

Unprecedented sanctions, the sweep slapped the bank and the Russian elite, along with export control has caused the Russian economy to the crater, and international monetary funds now predict that he will plunge into the “profound recession” this year.

Biden on Tuesday imposed a direct ban on the import of Russian oil and energy.

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