Ending Preferential Trade with Russia: New Import Rules
This act changes trade rules with Russia, which may affect the availability and prices of some imported products. It means goods from Russia will no longer receive preferential treatment, potentially leading to higher tariffs and possibly more expensive products for consumers. The U.S. government will also encourage other countries to take similar actions and seek Russia's suspension from the World Trade Organization.
Key points
Products from Russia will no longer receive preferential trade treatment, potentially impacting their prices in the U.S.
The act encourages U.S. allies to take similar actions and condemn Russia's aggression in Ukraine.
The U.S. will seek to suspend Russia's membership in the World Trade Organization.
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