Biden to call for suspending Russia's preferential trade status over Ukraine, opening door to tariffs

WASHINGTON – President Joe Biden will announce Friday the U.S. will join the European Union and G7 allies in calling to revoke Russia's permanent normal trade relations status, which would allow new tariffs on Russian imports, according to a source familiar with the decision.

The move, which requires congressional action, comes as a group of bipartisan lawmakers has pressured the president to take more aggressive action to punish Moscow for its invasion of Ukraine. The source said Biden looks forward to working with Congress on legislation to revoke Russia's permanent normal trade relations status. 

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Top Democrats and Republicans on the House Ways and Means Committee and Senate Finance Committee announced a deal earlier this week that would have moved to suspend normal trade relations between the U.S. and Moscow.

But the provision was left out of a bill to sanction Russia and ban its energy imports that passed in the House on Wednesday.

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Biden's expected Friday announcement would put Moscow's trade relationship with the U.S. in the same category as North Korea and Cuba.

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