Stripping 'most favored nation' status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports.
WASHINGTON -- President Joe Biden announced Friday the U.S. will dramatically downgrade its trade status with Russia as punishment for its invasion of Ukraine and also ban imports of Russian seafood, alcohol and diamonds.
"The free world is coming together to confront Putin," Biden said from the Roosevelt Room of the White House.President Joe Biden announced Friday the U.S. will dramatically downgrade its trade status with Russia as punishment for its invasion of Ukraine.
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