March 22, 2022 — Japan will follow America’s lead by revoking Russia’s most-favored-nation (MFN) status, resulting in higher prices to Japanese consumers for most imports from the country.
MFN status allows a country to receive the best trade terms given by its trading partner, such as the lowest tariffs or highest import quota, ensuring all countries with the status are treated equally. By revoking the status, Japan will subject imports from Russia to higher tariffs.
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