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U.S. House backs removal of 'most-favored' trade status for Russia, Belarus

By Patricia Zengerle WASHINGTON (Reuters) - The U.S. House of Representatives overwhelmingly backed legislation on Thursday to remove "most favored nation" trade status for Russia...

By Patricia Zengerle

WASHINGTON (Reuters) - The U.S. House of Representatives overwhelmingly backed legislation on Thursday to remove "most favored nation" trade status for Russia and Belarus over the invasion of Ukraine, paving the way for higher tariffs on imports from the countries.

The Democratic-controlled House voted 424-8 in favor of removing Permanent Normal Trade Relations (PNTR) status, the latest congressional effort to put economic pressure on Moscow.

President Joe Biden's administration has pledged to revoke Russia's normal trade relations at the World Trade Organization, a move that requires congressional approval.

To become law, the measure must also pass the Senate. Senate Democratic Majority Leader Chuck Schumer said it would move through the Senate quickly, after approval by the House.

The House vote took place a day Ukrainian President Volodomyr Zelenskiy made an emotional speech to Congress - via videolink - appealing for more support. Many lawmakers wore Ukraine flag pins as they voted.

Trade status revocation will allow the Biden administration to impose higher tariffs on Russian and Belarusian imports than the current levels that Washington has pledged to all World Trade Organization member countries.

The measure also would expand the Global Magnitsky Human Rights Accountability Act, easing the imposition of sanctions on Russian officials for human rights violations.

All eight "no" votes came from Republicans, some of whom said the Magnitsky provision gave too much power to the president.

"If we do not speak out for human rights because of commercial interests, we lose all moral authority to speak out for human rights," Democratic House Speaker Nancy Pelosi said, urging support for the bill.

Republican Representative Victoria Spartz, the only Ukrainian-born member of Congress, said it was important that close Russian ally Belarus was included. "We cannot create a loophole where Putin is going to use Belarus to funnel money through them," she said.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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Gold Futures

2,295.80

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

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Crude Oil WTI Futures

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85.62

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S&P 500

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DAX

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FTSE 100

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17,763.03

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

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27.35

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266.60

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Adidas AG

226.40

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6.714

-0.028 (-0.42%)

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175.90

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15.010

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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Cập nhật lúc 10:45:15 01/05/2024
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