On Monday, US President Joe Biden signed a proclamation to increase duties on certain import items from Russia after the Group of Seven (G7) countries agreed to explore options for using revenues collected by new tariffs on Russian goods to help Ukraine. The tariff hike comes after the Biden administration's decision in April to remove Russia and Belarus from the list of countries with which the United States maintains normal trade relations.
“[A]rticles that are the product of the Russian Federation, as provided for in this note, shall be subject to a 35 percent ad valorem rate of duty in lieu of the rates of duty provided for such articles in column 2 of the HTSUS [The Harmonized Tariff Schedule of the United States],” the document said.
The Biden administration increased duties on most Russian goods from 10% to 35%. The list of items includes a wide range of products made of wood, rubber, various metals, as well as yachts and boats, electrical, transport and cinematographic equipment, among others.
At the same time, the Biden administration decided to leave the same duties on the majority of cast iron and nickel articles made in Russia, according to the document.
According to the White House, over a past few few months, US exports to Russia have decreased by approximately 97%, while Russia’s imports of goods from across the world could fall by 40%.he 570 items accounted for approximately $2.3 billion imports from Russiing to the White House.