BREAKING President Biden says US will downgrade Russian trade status, ban imports of Russian alcohol, seafood, diamonds
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 source familiar with the matter who spoke on the condition of anonymity to preview the announcement. The person said each country would have to follow its own national processes. Stripping most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy in retaliation for the invasion.
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. Ukrainian President Volodymyr Zelenskyy pressed the U.S. and allies to take the action against Russia in remarks to Congress over the weekend. It follows days after the Biden moved to ban imports of Russian oil and gas products.
Biden, after initially slow-walking congressional efforts to take the trade action against Russia, was set to embrace lawmaker efforts to do just that on Friday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US President Biden confirms that US to revoke permanent normal trade relations with RussiaIn a public address at the White House, US President Joe Biden confirmed on Friday that US would revoke permanent normal trade relations (PNTR) with R
Read more »
Biden will seek to end normal trade relations between U.S. and RussiaThe U.S. is set to announce the move in tandem with the G-7 and the European Union, according to a person familiar with the matter.
Read more »
WATCH LIVE: Biden Announces US Will End Normal Trade Relations With RussiaPresident Joe Biden will announce a new set of measures against Russia Friday morning for its launch of an “unprovoked and unjustified war” against Ukraine.
Read more »
Biden to announce Friday that US will move to revoke 'most favored nation' status for RussiaPresident Joe Biden to announce the US, along with the G7 and EU, will move to revoke permanent normal trade relations with Russia, sources say.
Read more »
Biden will announce Friday that US will move to revoke 'most favored nation' status for RussiaMajor cities in Ukraine -- including Dnipro in the center and Lutsk in the far west of the country -- were attacked by Russian forces Friday, Ukrainian officials said. Follow here for live news updates from on the ground.
Read more »
Biden adviser: U.S. can meet fossil fuel needs without RussiaGas prices hit a record high on Tuesday at $4.173 per gallon after the U.S. banned imports of Russian oil.
Read more »