U.S. proposed legislation would suspend normal trade relations with Russia and Belarus
Bill would expand U.S. trade tools to stop Russia’s war on Ukraine and to hold Belarus accountable for its involvement.
Expand U.S. trade tools to stop Russia’s war on Ukraine
U.S. House Ways and Means Committee Chairman Richard E. Neal (D-MA) and ranking member Kevin Brady (R-TX) today introduced legislation that would suspend normal trade relations with Russia and Belarus.
According to a Ways and Means release, the legislation includes additional provisions that would expand U.S. trade tools to stop Russia’s war on Ukraine and to hold Belarus accountable for its involvement.
To become legislation, both the House and Senate would have to pass the same version of the bill, followed by signature by the president. The introduction of the bill is simply the first step in this process.
The legislation, if enacted, would:
- Provide the president with time-limited authority to increase tariffs on products of Russia and Belarus, until January 1, 2024
- Require the U.S. Trade Representative to use “the voice and influence of the United States” to seek suspension of Russia’s participation in the World Trade Organization (WTO) and to halt Belarus’ WTO accession and accession-related work
- Provide the president with the authority to restore normal trade relations with Russia and Belarus if these countries have ceased their acts of aggression against Ukraine and other certain conditions are met, but granting Congress the authority to overrule such a decision through a congressional disapproval process
Read a one-page description [PDF 62 KB]
Read text [PDF 84 KB] of the bill
For more information, contact a professional with KPMG’s Trade & Customs services:
John L. McLoughlin
Luis (Lou) Abad
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