The United States Department of Commerce has announced that it will no longer treat Russia as a market economy in the latest economic war against Russia.
The Commerce Department has justified its stance by saying that American industries and manufacturers were struggling to compete with Russian companies in domestic and global markets.
According to the Department, this move will enable Washington to unleash its entire force of the US antidumping law to ensure that the US industries get relief from unfair imports that they were entitled. This was contained in a statement, made available on Thursday, November 10.
Recall that the US had tagged Russia as a ‘market economy’ previously in 2002. This move helped the country to eventually join the World Trade Organization a decade later.
But earlier in 2022, the US halted normal trade relations with Russia to punish Moscow over the conflict in Ukraine, a development that resulted in a sharp rise in energy and food prices in Europe and America, and also in the developing countries of the world.
Inflation has peaked at a record high in Europe with some countries recording as high as 22%, and others still at 20%.
