According to a report by Bloomberg, US President Joe Biden is set to halt normal trade relations with Russia. The order is likely to be passed today. This will further increase the tariffs on Russian imports.
The US may announce this order alongside several other nations likely to be European countries as per Bloomberg. The Congress, comprising of Democratic & Republicans have called for the change in the trade status of Russia.
If this order will be enforced, Russia will be on the list of countries like North Korea & Cuba. Higher tariffs & sanctions will break the economy of Russia. According to White House, Joe Biden is expected to discuss the trade preference today. Earlier the European Union had said that it’s planning to remove Russia from the most preferred nation status.
“Just like the U.S., the other countries calling for the repeal over Russia’s invasion of Ukraine will go through their own processes,” said a source familiar with the matter to Bloomberg.
As the peace talks between Russia & Ukraine have not been fruitful & Russia alleging the US of Biolabs can result in this war to go a long way. Meanwhile, several companies have exited from Russia. Yesterday Goldman Sachs announced that it is planning to suspend its operations in Russia.