{"id":1737493,"date":"2022-11-14T06:03:08","date_gmt":"2022-11-14T11:03:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1737493"},"modified":"2022-11-14T07:04:20","modified_gmt":"2022-11-14T12:04:20","slug":"u-s-downgrades-russia-to-non-market-economy-in-bid-to-further-isolate-moscow","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-downgrades-russia-to-non-market-economy-in-bid-to-further-isolate-moscow\/","title":{"rendered":"U.S. Downgrades Russia to Non-Market Economy in Bid to Further Isolate Moscow"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-downgrades-russia-to-non-market-economy-in-bid-to-further-isolate-moscow%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1737493&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. Department of Commerce said on Nov. 10 that it has removed <a href=\"https:\/\/www.theepochtimes.com\/t-russia\">Russia<\/a> from its <a href=\"https:\/\/www.theepochtimes.com\/t-market\">market<\/a>-economy category in a bid to put pressure on Moscow under the context of bilateral trade, and further isolate the country\u2019s economy.<\/p>\n<p>The department cited increased interference from Russia\u2019s government in its own economy, resulting in price distortions, which is disadvantageous to U.S. businesses. The decision\u2014a retaliatory action by the U.S. government for Russia\u2019s continued aggressions in Ukraine\u2014gives the ability to apply the full force of antidumping laws against imports from Russia.<\/p>\n<p>\u201cBased on a balanced evaluation of facts and in line with U.S. law, this decision will ensure that Commerce\u2019s dumping calculations reflect economic realities on the ground and that U.S. industries get the relief from unfair imports that they are entitled to under the law,\u201d the department said.<\/p>\n<p>While Russia had been on a list of nations that the United States considers non-market economies, it was removed from the classification in 2002 following Moscow\u2019s pursuit of measures to liberalize its economy.<\/p>\n<p>The list includes countries such as Russian allies Belarus, China, Vietnam, Armenia, Azerbaijan, Moldova, Uzbekistan, and other nations that were part of the former Soviet Union.<\/p>\n<p>The Commerce Department\u2019s determination was based on a number of criteria, including the climate for foreign investment, currency convertibility, and government control of the means of production.<\/p>\n<p>\u201cIn its decision, Commerce found extensive backtracking in these areas, particularly since the invasion of Ukraine,\u201d the department said in a statement.<\/p>\n<p>Dumping refers to foreign manufacturers selling goods at prices below the producer\u2019s sale price in the home market or at a rate that\u2019s lower than the cost of production. That occurs when governments in those countries subsidize production and provide financial assistance, such as loans at terms that don\u2019t reflect market conditions.<\/p>\n<h2><a href=\"https:\/\/www.theepochtimes.com\/t-us\">US<\/a> Trade With Russia<\/h2>\n<p>The new classification will lead to higher import duties for Russian-origin products. However, the effect may actually be mild because Russian imports have already been curbed since the Ukrainian invasion.<\/p>\n<p>The United States imported $12.5 billion of Russian goods from the beginning of this year to September. A year ago, U.S. imports from Russia totaled $29.7 billion, while U.S. exports to Russia totaled $6.4 billion.<\/p>\n<p>Oils and minerals, lime, and cement were the top commodities from Russia, accounting for more than 59 percent of all imports in 2021. Base metals, iron, steel, and tools followed with 13.4 percent, and stone, glass, metals, and pearls made up 10 percent. Last year, 7.9 percent of U.S. total imports of oils and minerals, lime, and cement were from Russia, according to Commerce Department data (<a href=\"https:\/\/www.bis.doc.gov\/index.php\/documents\/technology-evaluation\/ote-data-portal\/country-analysis\/2999-2021-statistical-analysis-of-u-s-trade-with-russia\/file\">pdf<\/a>).<\/p>\n<p>\u201c<a href=\"https:\/\/www.theepochtimes.com\/t-putin\">Putin<\/a>\u2019s regime shouldn\u2019t get the privileges of a market economy designation. I\u2019m glad the Commerce Department implemented this important measure that will put additional pressure on this illegitimate regime,\u201d Sen. Sherrod Brown (D-Ohio) said.<\/p>\n<p>\u201cThe Russian government owns as much as 70 percent of its economy\u2014that\u2019s not a market economy\u2014and by removing Russia\u2019s market-economy status, the United States will prevent Russia from engaging in unfair trade practices with our allies.\u201d<\/p>\n<p>During the Nov. 11 climate summit in Egypt, President Joe Biden called on Russia to stop using \u201cenergy as a weapon and holding the global economy hostage.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/NaveenAthrappully.jpg\" alt=\"Naveen Athrappully\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Commerce said on Nov. 10 that it has removed Russia from its market-economy category in a bid to put pressure on Moscow under the context of<\/p>\n","protected":false},"author":1,"featured_media":1695609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1737493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1737493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1737493"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1737493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695609"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1737493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1737493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1737493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}