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Joe Biden Raises US Tariff Rate on Russian Imports to 35 Percent

'Certain other products of the Russian Federation'

 on 29th June 2022 @ 2.00pm
this increase is the  importation of which has not already been prohibited   the proclamation said © press
This increase is the 'importation of which has not already been prohibited,' the proclamation said

President Joe Biden raised the tariff rate on certain Russian imports to 35 percent, according to reports.

The move came a result of suspending Russia’s “most favored nation” trading status amid the war in Ukraine, a proclamation issued by the White House said.

The 35 percent duty applies to imports of “certain other products of the Russian Federation."

This increase is the "importation of which has not already been prohibited,” the proclamation said.

an annex listing the products subject to the higher duty was not immediately available © press
An annex listing the products subject to the higher duty was not immediately available.

The Biden administration previously banned U.S. imports of Russian petroleum and energy products, fish, seafood, alcoholic beverages, and non-industrial diamonds.

An annex listing the products subject to the higher duty was not immediately available.

Meanwhile, members of the Group of Seven (G7) wealthy nations announced a ban on imports of Russian gold.

As Neon Nettle reported:

The move by the United Kingdom, the United States, Japan, and Canada is part of efforts to tighten the sanctions squeeze on Moscow.

meanwhile  members of the group of seven  g7  wealthy nations announced a ban on imports of russian gold © press
Meanwhile, members of the Group of Seven (G7) wealthy nations announced a ban on imports of Russian gold

Western nations are seeking to cut off Russia's means of financing the invasion of Ukraine.It comes after more than four months into the conflict that Russian President Vladimir Putin calls a special military operation.

A senior U.S. administration representative said the G7 would make an official announcement on the gold import ban on Tuesday.

"This is a key export, a key source of revenue for Russia in terms of their ability to transact with the global financial system," the U.S. official said.

Russian gold exports were worth 12.6 billion pounds ($15.45 billion) last year and wealthy Russians have been buying bullion to reduce the financial impact of Western sanctions, the British government said.

As well as the gold import ban, G7 leaders were also having "really constructive" talks on a possible price cap on Russian oil imports, a German government source said.

Meanwhile, inflation ticked up to 8.6% for the 12 months ending in May, according to the consumer price index.

The much-anticipated numbers reported by the Bureau of Labor Statistics on Friday revealed that inflation is still going strong despite the Federal Reserve's interest rate hikes and is the worst it has been since 1981 when the Great Inflation helped bring President Ronald Reagan to office.

[RELATED] Russia Continues to Earn over $100 Million per Day from Oil Sales to Europe

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tags: Joe Biden | Russia
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