Biden wants to take trade privileges away from Russia in relations with America: what does this mean

President Joe Biden on March 11 called on the United States to strip Russia of its status as a country with trade privileges, which would lower Russia's rating as a trading partner and bring a financial crisis to Moscow over its invasion of Ukraine, reports CNBC.

Photo: Shutterstock

The European Union and the GXNUMX countries are expected to take the same steps as Biden said. Last week, Canada already stripped Russia of the status of a country with trade privileges.

In international economic relations and international politics, the status of a country with trading privileges is the status or level of treatment granted by one state to another in international trade. This term means that a country receiving such treatment should nominally receive equal trade advantages as a "country with privileges" from the country granting such treatment (trade advantages include low tariffs or high import quotas). Together with the principle of national treatment, the principle of trade privileges is one of the cornerstones of WTO trade law.

On March 11, Biden signed an executive order banning Russian seafood, non-industrial diamonds, and liquor from entering the United States.

The order also prohibits the export or sale of American luxury goods to any person in Russia. This includes expensive watches and clothes, jewelry, high-end liquor and luxury cars, all of which feature prominently in the lifestyles of Russia's mega-rich oligarchs.

On the subject: Mikhail Khodorkovsky - about the war, the chances for peace and the Stockholm syndrome of Russians

Speaking at the White House, Biden repeatedly singled out Russian President Vladimir Putin, who rules the country as an autocrat.

“Putin is the aggressor,” Biden said. “And Putin must pay the price.”

March 11 marks the 16th day of Russia's unprovoked war in Ukraine, and Russian troops are reported to have stepped up their artillery shelling of civilian targets. Despite its military superiority, Russia has so far failed to capture two main targets: the city of Kharkov and the capital Kyiv.

“Putin’s war against Ukraine will never end with his victory,” Biden said. “He hoped to dominate Ukraine without a fight, but failed. He hoped to break the resolve of Europe, but failed. He hoped to weaken the transatlantic alliance, but failed. He hoped to split American democracy in terms of our positions. He has failed."

After Biden's speech, Speaker Nancy Pelosi (R-Calif.) announced that the House of Representatives intends to pass legislation next week to remove Russia's status as a country with trade privileges.

The Senate is also moving forward the bill. "We're working on an agreement that the Senate can pass quickly," Majority Leader Chuck Schumer told reporters on March 11.

Both Republicans and Democrats have strongly supported Biden's non-military efforts to contain Russia, with some already proposing legislation to revoke Russia's WTO membership.

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Biden's announcement was the latest push for the United States and dozens of other countries to ramp up an unprecedented effort to isolate and undermine the Russian economy.

Over the weekend, Ukrainian President Volodymyr Zelensky explicitly asked Congress to strip Russia of its status as a country with trade privileges.

Earlier this week Biden signed a decree banning the import of Russian oil. The US, EU countries and NATO have also imposed sanctions on Russian businesses, members of its elite oligarchic class, and even Putin himself.

Hundreds of large corporations have voluntarily withdrawn their businesses from the country.

If Russia's trade status is revoked, the Biden administration and Congress will be able to tax any goods Russia exports to the US.

In 2019, Russia was the 26th largest US trading partner, according to the Office of the US Trade Representative. Russian exports to the US in 2021 amounted to $29 billion, most of which were oil and gas products.

As ForumDaily wrote earlier:

• On the night of February 24 began full-scale war of Russia against Ukraine.
• In the light of these events in Russia and around the world, protests against the invasion of Ukraine.
• US and UK imposed broad economic sanctions against Russia due to the invasion of Ukraine.
• February 25 President of Ukraine Vladimir Zelensky urged Russian President Vladimir Putin to sit down at the negotiating table. Putin's press secretary Dmitry Peskov said that Putin is ready to send a delegation to Minsk (Belarus) for negotiations with Kiev. He specified that the delegation will include representatives of the Ministry of Defense, the Ministry of Foreign Affairs and the presidential administration.
• In the USA there were large-scale rallies in support of Ukraine.
• Pope Francis visits the Russian Embassy February 25, to personally "express his concerns about the war" in Ukraine, which made an unprecedented deviation from diplomatic protocol.
• European Union, USA and UK imposed sanctions and froze the assets of Putin and Lavrov.
• The United States declared its readiness to start accept refugees from Ukraine.
• February 26, the world famous and one of the most popular groups of hackers Anonymous recorded a video message to Russian President Vladimir Putin. They promised to find all "skeletons in the closet" and "leave no stone unturned".
• As it became known, the Oscar-winning Hollywood actor Sean Penn is located in Ukraine and is making a documentary for Vice about events in the country.
• February 28 The world's largest aircraft An-225 was destroyed during the Russian invasion of Ukraine, which caused alarm and sadness among the aviation world, in which he has almost a cult status.
• On the same day, the United States and France called on their citizens immediately consider leaving Russia.
• From the very beginning of the invasion, many actions took place around the world in support of Ukraine. How it was in the USA, see our material.
• On March 1, the United States asked 12 Russian diplomats from the United Nations leave the US accusing them of "espionage activities" as Russia continues its advance into Ukraine.
• March 2 Russian businessman Alex Konanykhin offered a $1 million reward for dead or alive Putin.
• Airbus and Boeing refused to work with Russia, this endangers almost the entire civil aviation of the country.
• March 3 CEO and founder of the Russian TV channel "Rain" announced the suspension of the channel. This is due to the Russian invasion of Ukraine.
• Which of the Hollywood stars supported Ukraine, and who was on the side of Russia, read here.
• What Russians living in Ukraine say about the war, you can find out in our material.
• Which companies left Russia and how it hit the economy, read on link.
• Where citizens of Ukraine can receive special services in Poland - by link.
• The US State Department has warned citizens of Ukraine that the US Mission in Ukraine does not currently offer visa services. That's it services provided in Germany.
• Meanwhile, the killers tried to kill the President of Ukraine Vladimir Zelensky at least three times since Russia invaded his country on February 24.
• In Russia, the situation with free media is becoming more and more difficult. Even relatives of Ukrainians from Russia do not believe in shelling of Ukraine.
• Russian diplomats announced persona non grata, left the US, and the Russian airlines stop international flights.
• Meanwhile at the International Court of Justice in The Hague began consideration of the claim of Ukraine to Russia. The subject of the lawsuit is allegations of genocide.
• Russia began active preparations for shutdown from the global internet.
• Thousands of Ukrainians leave the country: 11-year-old boy from Zaporozhye made it to the border with Slovakia and crossed it on foot.
• USA support Ukraine – government officials and ordinary Americans alike: 20 workers in West Coast ports refuse tohandle Russian cargo. President of Ukraine Volodymyr Zelensky was awarded a medal Liberty Ronald Reagan.
• Tesla will continue to pay salaries to employees who decide to go to fight in Ukraine.
• In the meantime, the sanctions are taking effect: Russia is rapidly rising in price or disappearing from the sale of drugs and medical equipment manufactured by countries that have imposed sanctions on the Russian Federation because of the war in Ukraine. Down on the country iron curtain.
• Russia cannot establish a dialogue with the world - she threatens to leave from the Council of Europe and the OSCE.
• To further assist Ukraine in its fight against the aggressor, Congress approved an emergency military and humanitarian package. assistance in the amount of $13,6 billion.

Read also on ForumDaily:

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