WASHINGTON (AP) — President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia over its invasion of Ukraine.
He said the U.S. will also ban imports of Russian seafood, alcohol and diamonds.
The action on most favored nation status will allow the U.S. and allies to impose higher tariffs on some Russian imports to the United States.
Biden’s move comes as bipartisan pressure has been building in Washington to revoke what is formally known as “permanent normal trade relations” with Russia.
He said it would be “another crushing blow” that would “squeeze” Russian President Vladimir Putin.
Original Story
WASHINGTON (AP) — President Joe Biden will announce Friday that along with the European Union and the Group of Seven countries, the U.S. will move to revoke “most favored nation” trade status for Russia over its invasion of Ukraine.
That’s according to a person familiar with the matter who spoke on the condition of anonymity to preview the announcement.
Stripping most favored nation status would allow the U.S. and allies to impose higher tariffs on some Russian imports.
Biden’s move comes as bipartisan pressure has been building in Washington to revoke what is formally known as “permanent normal trade relations” with Russia.
