What does Russia's loss of 'market economy' status mean to its economy

FILE PHOTO: A trader at the New York Stock Exchange works as markets continue to react to the coronavirus disease inside of the NYSE in New York, US on March 18, 2020.

The status, granted two decades ago, limited the calculation of anti-dumping duties on Russian goods. "This decision gives the United States the ability to apply the full force of the [anti-dumping] law to address the market distortions caused by increasing interference from the Russian government in their economy," the US Commerce Department said in a statement.

According to the Commerce Department’s analysis, such “unfair imports” can put US industries at a disadvantage when trying to compete on the global arena.

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