US President Joe Biden will announce an increase in tariffs on 570 groups of Russian goods worth $2.3 billion, the White House said on Monday.
According to Washington, over a few months, US exports to Russia have decreased approximately by 97%, while Russia’s imports of goods from across the world could fall by 40%.
"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," the president's administration said in a statement.
These measures will limit 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," the statement added.
The US Department of Commerce will, in turn, target businesses supporting Russia by "adding several companies around the world to the Entity List, which will prohibit those companies from purchasing U.S.-made origin goods and technologies, such as semiconductors."