Biden signed into law a suspension of normal trade relations with Russia

U.S. President Joe Biden signed into law late on April 8 a law suspending normal trade relations with Russia, a move that would raise tariffs at varying rates on U.S. steel products and other imports from Russia.

Earlier, Congress passed legislation revoking Russia's trade status on April 7 after a vote in the Senate was delayed for several weeks. Initially, Biden introduced a trade action on March 11 to increase pressure on Russian President Vladimir Putin in connection with military actions in Ukraine.
Normal trade relations, also known as "most favored nation" trade status, have also been stripped of Belarus for their role in aiding Russia's war effort in Ukraine.

The bill authorizes the president to impose higher duty rates on applicable goods from Russia and Belarus until January 2024, and the president can restore normal trade status with any country pending congressional approval.

Along with the suspension of trade status, Biden also signed a separate law to ban energy imports from Russia.

The US Harmonized Tariff Table compiled by the US International Trade Commission establishes separate duty rates for privileged trading partners (duties in column 1) and non-privileged trading partners (duties in column 2).

Removal of most favored nation status would result in U.S. imports from Russia and Belarus being subject to the duties shown in column 2.

For metals, duties on US imports from Russia and Belarus could be raised to 18.5% for most unwrought aluminium, 100% for magnesium, 45% for cobalt alloys, 25% for nickel sulfate and 20% for finished steel. tariff grid.