De-Globalization Continues As Congress Targets Most-Favored Trade Status
March 11, 2022—U.S. President Joe Biden announced additional economic and trade measures today that further divide U.S.-Russian business relations. Specifically, Biden said he is working with Congress to deny Russia its most-favored-nation trade status, which gives its goods preferential treatment.
Congressional Trade Bills
Hill lawmakers have introduced bills in the House and Senate, H.R. 6835, S. 3717 and S. 3722, to withdraw the Permanent Normal Trade Relations with Russia.
It’s fair to say the bills have bipartisan support in the U.S. Congress. Rep. Lloyd Doggett, D-Texas, a high-ranking member of the tax committee, is the lead sponsor of one of the bills.
“Russia must be denied the benefit of the world order and stability it is now attacking,” Doggett said today. “The financial pain we are imposing cannot immediately ease the pain of Ukrainian families, but it is one way for us to hold Putin accountable and act in solidarity with Ukraine.”
Additional Steps By G7, WTO, IMF AND World Bank
Also, Biden said he is planning to deny Russia its benefits as a member of the World Trade Organization. Furthermore, he is coordinating with international partners to block financing from the International Monetary Fund and the World Bank.
Furthermore, Biden announced additional import and export bans, including on luxury goods, vodka, seafood, and non-industrial diamonds.
According to the White House, all G7 countries are taking new economic actions today in response to Russia’s military assault on Ukraine.
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