The U.S. could join Canada in raising tariff rates on imported Russian goods if Congress approves legislation to revoke most-favored-nation treatment that goods receive as lawmakers look for ways to inflict pain on Moscow for its invasion of Ukraine.
House legislation that would also ban the import of Russian energy and penalize Belarus for its aid to Russia could also see action as early as Tuesday.
Ending the favored tariff rates for Russian products and subjecting them to potentially higher U.S. duties would inflict relatively modest pain. In 2021, the U.S. imported Russian goods valued at $29.7 billion and exported goods valued at $6.4 billion to Russia. The energy import ban is likely to be the most painful, striking a sector that is crucial to Russia’s economy.
