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LIVE: Biden to Announce Actions Against Russia Over War in Ukraine
Posted
March 11, 2022
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8:47Now Playing(Mar. 11) President Joe Biden on Friday is set to call for an end of normal trade relations with Russia, clearing the way for increased tariffs on Russian imports, according to people familiar with the matter.
His announcement to revoke the trade privileges will come alongside the Group of Seven nations and European Union leaders, the people said.
The president can’t unilaterally change Russia’s trade status because that authority lies with Congress, where Democratic and Republican lawmakers have called for the revocation.
Suspending normal trade relations with the U.S., which other countries call most favored nation status, would put Russia in the company of countries like Cuba and North Korea. It would allow the U.S. to hit Russia with significantly higher tariffs than it applies to other World Trade Organization members, which has as a core principle non-discrimination among members and treating all members equally.
Just like the U.S., the other countries calling for the repeal over Russia’s invasion of Ukraine will go through their own processes, the people said.
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