Following similar action taken on March 3 by Canada, the United States is expected soon to revoke most-favored-nation (MFN) status for goods originating in Russia and Belarus.
Note: MFN status, also known as normal trade relations status, means the country cannot be treated less advantageously than any other US trading partner. Among other benefits of MFN status, goods from such a country will not be subject to higher tariff rates than the same type of goods from any other US trading partner.
The pending revocation of Russia’s MFN status, announced on March 11 by President Joe Biden, will be undertaken through legislation revoking Russia’s Permanent Normal Trade Relations (PNTR) status, the specific US legal designation of MFN. The G-7, the European Union, and NATO have announced that they will take similar action against Russia.
Source PwC
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