Lawmakers on both sides of the aisle have called on Biden to revoke what is formally known as 'permanent normal trade relations' with Russia.
President Biden will announce Friday that the U.S., the European Union and the G7 countries will move to revoke Russia's"most favored nation" trade status over its invasion of Ukraine, a source familiar with the matter told The Associated Press.
Mr. Biden's move comes as lawmakers on both sides of the aisle have called on him to revoke what is formally known as"permanent normal trade relations" with Russia. It would allow the U.S. and allies to impose tariffs on Russian imports.that the Biden administration is receiving reports that"Russia may be considering seizing the assets of U.S. and international companies that have announced plans to suspend operations in Russia or to withdraw from the Russian market.
She said that the possible Russian retaliation would"ultimately result in even more economic pain for Russia" and"compound the clear message to the global business community that Russia is not a safe place to invest and do business."
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