White House clarifies Russia’s non-existence on tariff list
(MENAFN) Treasury Secretary Scott Bessent clarified that Russia was excluded from President Donald Trump's new tariff list because existing US sanctions have already significantly restricted trade between the two nations. Speaking to Fox News, Bessent explained that countries like Russia, Belarus, Cuba, and North Korea were not targeted by the new tariffs since the US doesn't engage in meaningful trade with them. Specifically, he noted that sanctions on Russia were already serving the same purpose as tariffs.
Trump's recent tariff announcement, which applies to imports from numerous countries, includes a 34% tariff on Chinese goods, 20% on EU products, and 24% on Japanese items. The move is part of Trump's strategy to bolster American industry and address perceived trade imbalances.
While some questioned Russia's exclusion given the ongoing conflict in Ukraine and the sanctions, officials argued that existing sanctions have already diminished trade between the US and Russia to such an extent that additional tariffs would have minimal impact. US imports from Russia plummeted by 34.2% in 2024, amounting to only $3 billion, compared to $427 billion from China.
Despite Western sanctions, Russia has focused on expanding trade with China, India, and other Global South nations. Russia's economy has shown growth, with its GDP increasing by 3.6% in 2023 and 4.1% in 2024. Additionally, Russia's Ministry of Economic Development forecasts a 2.5% GDP growth for this year.
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