Biden moves to revoke Russia's trade relations status amid war in Ukraine

https://www.npr.org/2022/03/11/ [login to see] /biden-will-move-to-revoke-russias-trade-relations-status-amid-war-in-ukraine
President Biden on Friday announced that he will work with Congress on legislation to revoke Russia's permanent normal trade relations status because of its invasion of Ukraine.

That would mean Russia would be one of only three countries to not have normal trade relationships with the United States – the other two are Cuba and North Korea — and it would allow for significantly higher duties on imports of Russian goods.

"Putin is an aggressor. He is the aggressor. And Putin must pay the price," Biden said of Russian President Vladimir Putin.

Biden announced that the United States was also banning the import of certain Russian goods like seafood, vodka and diamonds, which the White House said was worth more than $1 billion per year to Russia, and banned U.S. exports of watches, luxury vehicles, high-end clothing, alcohol and jewelry and other high-end goods to Russia, trade worth about $550 million per year.

"We're showing our strength, and we will not falter," Biden said.

The move comes as the G-7 and European Union take similar moves to revoke Russia's "most favored nation" status. Canada revoked that status for Russia last week.