Using tariffs on Russian goods to help Ukraine

Earlier this year, G7 leaders committed to stripping Russia of its “most favored nation” trading status, which guaranteed low tariff rates for Russian goods sold globally. President Biden and other G7 leaders will seek authority to use revenues collected by new tariffs on Russian goods to help Ukraine and ensure that Russia pays for its war costs. President Biden is also announcing that pursuant to Congress’s revocation of Russia’s trade status in the U.S. The U.S. will implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 billion to Russia. These measures will restrict Russia’s ability to benefit economically from sales to the U.S. market and are carefully calibrated to impose costs on Russia while minimizing costs to U.S. consumers.