Russian Imports to Face 35% Tariffs in 30 Days

President Joe Biden said he will be increasing tariffs from Column 2 rates to 35% on more than 570 groups of Russian products, and the change will take effect just after midnight July 27. The executive order says each product is in an annex, but that annex has not yet been published. Past imports of these goods were about $2.3 billion annually. "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," the White House said.

The same executive order also puts Belarusian imports into Column 2, or non-most-favored-nation rates.

The U.S. already banned the import of Russian crude oil, petroleum, liquefied natural gas, coal and their derivatives, as well as seafood, alcoholic beverages and non-industrial diamonds. Those bans will not change with this action.

The annex will be in a Federal Register notice, which was not issued by press time.

Biden said he wanted the revenue from the tariffs to be sent to Ukraine to help fight the war and support their economy, which has been devastated by Russia's invasion. That would take a vote in Congress.

U.S. Trade Representative Katherine Tai said June 27, “We look forward to working with Congress to enact legislation that will allow the proceeds of the tariffs we are raising today to be used to help Ukraine. This will send an important message to Russia that it will have to pay for the costs of its war."