The House Hits Russia on Trade
Good morning. We hope you’re enjoying March Madness (and I don’t mean Baby Lewis’s unique version of it, which may or may not involve refusing to sleep between the hours of 10 p.m. and 5 a.m. for a week straight.)
House Approves Russia Tariffs Bill
The House overwhelmingly approved legislation Thursday afternoon ending permanent normal trade relations with Russia in response to its bloody assault on Ukraine.
The bill revokes Russia’s trade status, along with Belarus’ trade treatment in retaliation for its assistance to Russia. It also gives President Joe Biden the authority to hike tariffs on the two countries even further, without the need for congressional action, through the end of 2023. The legislation includes provisions expanding the Global Magnitsky Act, which grants the president authority to impose human rights sanctions around the world, and eliminating that law’s upcoming December 2022 expiration date.
It must now pass the Senate, then be signed into law by Biden. He has announced his support for the measure, and Senate Majority Leader Chuck Schumer expressed optimism Thursday morning that it will advance soon in that chamber with broad bipartisan backing.