Obama says US to withdraw Russia from trade benefits program

Reuters: 8. May 2014
Obama says US to withdraw Russia from trade benefits program

The United States is depriving Russia of a number of trade benefits as part of the Generalized System of Preferences for developing countries, U.S. President Barack Obama has said.

The White House released the following statement on removing certain trade benefits from Russia:

Statement by the Press Secretary on the President’s Notification to Remove Certain Trade Benefits from Russia

President Obama s message to Congress concerning Russia

The President notified Congress todaythat he intends to withdraw Russia’seligibility for trade benefits under the Generalized System of Preferences (GSP) program because Russia is sufficiently advanced economically that it no longer warrants preferential treatment reserved for less advanced developing countries, consistent with the requirements of the GSP program. Once Russia’s eligibility is withdrawn, which would be effected via a presidential proclamation, U.S. imports of GSP-eligible goods from Russia will be subject to normal, non-preferential rates of duty.