VIDEO: President Biden announces move to revoke Russia's 'most favored nation' trade status
President Joe Biden announced Friday morning 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.
The president said the United States will also ban imports of Russian seafood, alcohol and diamonds.
Stripping most favored nation status would 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.
Read more from NPR: Biden moves to revoke Russia's trade relations status because of war in Ukraine