On June 27, 2022, President Joe Biden signed Presidential Proclamation 10420, increasing the column two rates of duty on certain articles originating from the Russian Federation. All products listed in Appendix A of the proclamation will be subject to a duty rate of 35% effective July 27, 2022.
The tariff increase applies to over 570 groups of Russian products worth approximately $2.3 billion. According to data from the U.S. Census Bureau, the U.S. imported about $29.6 billion of goods from Russia in 2021, so the tariff hike affects about 7.8% of Russian imports.
Other nations, such as Canada, New Zealand, and the United Kingdom, have already implemented a 35% tariff on Russian goods. Previously banned U.S. imports of Russian goods included petroleum and energy products, fish, seafood, alcoholic beverages, and non-industrial diamonds.