04/07/2022 | Press release | Distributed by Public on 04/08/2022 10:13
Akin Gump public law and policy partner Clete Willems was quoted by CNBC for its report "Congress votes to revoke Russia's 'most favored nation' trade status, sends bill to Biden."
The article states that most favored nation (MFN) status ensures each World Trade Organization (WTO) member receives equal trade treatment from other WTO members and grants each MFN status holder immunity from a variety of import penalties.
Willems, who served in the Trump White House as Deputy Assistant to the President for International Economics and, previously, as Chief Counsel for Negotiations, Legislation and Administrative Law and Legal Advisor to the U.S. Mission to the WTO, explained tariffs and MFN status: "There are two categories you can be characterized under U.S. law: One gets lower tariffs, and one gets higher. All other WTO members get this lower [tariff] rate - the average is about 2.8. And then for non-MFN, the average is around 20%. And so this legislation will change the tariff treatment of all of those products."