Obama to strip Russia of trade benefits

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President Obama on Wednesday took further action economic action against Russia.

The White House announced it will strip Russia of certain trade benefits, removing the country from the Generalized System of Preferences program.

The action will result in imports of Russian goods being taxed at normal rates.

The program is meant to aid developing countries, and the president said Moscow no longer needs it.

Russia is sufficiently advanced in economic development and improved in trade competitiveness that continued preferential treatment under the [program] is not warranted,” Mr. Obama said.

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