The White House announced actions intended to hold Russia accountable for invading Ukraine. U.S. Trade Representative Katherine Tai says as part of that effort, President Biden announced additional tariff increases on a variety of goods from Russia worth approximately $2.8 billion.
The president raised tariffs on most metal and metal products, doubling them from 35 to 70 percent and targeting a crucial revenue-generating sector of the Russian economy. He also increased tariffs on additional Russian products to 35 percent, including chemicals and minerals.
These moves are complemented by tariff increases on Russian aluminum. “These actions are carefully calibrated to put economic pressure on Russia while minimizing costs to U.S. consumers,” says Tai. “As the president recently said in Poland, the United States and our Allies and partners will hold accountable those who are responsible for the war.” She also says those actions demonstrate the U.S. resolve in doing precisely that.