WASHINGTON (AP) — 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 tariffs on Russian imports, increasing the isolation of the Russian economy in retaliation for the invasion.
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