{"id":14494,"date":"2022-06-27T11:45:47","date_gmt":"2022-06-27T11:45:47","guid":{"rendered":"https:\/\/hamslivenews.com\/?p=14494"},"modified":"2022-06-27T11:45:47","modified_gmt":"2022-06-27T11:45:47","slug":"joe-biden-to-hike-tariff-on-russian-goods-worth-2-3bn-white-house","status":"publish","type":"post","link":"https:\/\/www.hamslive.com\/news\/2022\/06\/joe-biden-to-hike-tariff-on-russian-goods-worth-2-3bn-white-house\/","title":{"rendered":"Joe Biden to hike tariff on Russian goods worth $2.3bn: White House"},"content":{"rendered":"

White House said, “President Biden and other G7<\/a> leaders will seek authority to use revenues collected by new tariffs on Russian goods worth $2.3bn to help Ukraine and to ensure that Russia pays for the costs of its war.”<\/h2>\n

Washington:<\/strong> US President Joe Biden will be announcing an increase in tariffs on 570 groups of Russian goods worth $2.3bn, the White House said on Monday.<\/p>\n

In the past few months, US exports to Russia, including critical technology inputs Putin needs to maintain his military, decreased by approximately 97 percent.<\/p>\n

The White House said, “President Biden and other G7 leaders will seek authority to use revenues collected by new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the costs of its war.”<\/p>\n

“President Biden is also announcing that pursuant to Congress\u2019s revocation of Russia\u2019s trade status in the US, the US will implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 billion to Russia.”<\/p>\n

These measures will restrict Russia\u2019s ability to benefit economically from sales to the US market and are carefully calibrated to impose costs on Russia while minimizing costs to US consumers.<\/p>\n

The US Department of Commerce will take its first action against companies engaging in backfill activities in support of Russia by adding several companies around the world to the Entity List, which will prohibit those companies from purchasing US-made origin goods and technologies, such as semiconductors, the White House said.<\/p>\n

“State and Treasury will implement blocking sanctions against persons tied to aiding Russia\u2019s evasion efforts. Commerce and Treasury will jointly issue an alert to financial institutions to aid in detecting potential violations of export controls,” it added.<\/p>\n

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