WASHINGTON—U.S. Senators Bill Cassidy, M.D. (R-LA) and Sherrod Brown (D-OH) introduced the bipartisan No Most Favored Nation Trading with Russia Act to revoke Russia’s most-favored-nation status, which currently shields Russia from being subject to U.S. tariffs. U.S. Representative Lloyd Doggett (D-TX-35) introduced the bill in the U.S. House of Representatives.
“To apply the term most-favored-nation to Russia in any regard is a disservice to that term,” said Dr. Cassidy. “Russia is a pariah state and most-favored-nation has been used to benefit trading partners with the lowest tariff possible. We should have the option of applying the highest tariff possible to Putin as he pursues Putin’s war.”
“Today, we join our House colleagues in sending a clear message to Russia: you will lose normal trade relations with the United States,” said Senator Brown. “This bipartisan bill will increase tariff rates for goods from Russia, further increasing the economic consequences for Vladimir Putin and his oligarch cronies for their unprovoked invasion of Ukraine. Putin should not have free and permanent access to America’s economy.”
Most-favored-nation trade status, pursuant to the Trace Act of 1974, is granted to all members of the World Trade Organization and allows the country to receive the lowest tariffs, the fewest trade barriers, and the highest import quotas. Revoking Russia’s status allows the United States to raise tariffs on Russian goods coming to our shores.