Biden seeks to strip Russia of favored trade status - EL ETOS UT

US President Joe Biden intends to strip Russia of its preferential trade status, a move that would enable Washington to inflict steep tariff hikes on Moscow in retaliation for the invasion of Ukraine.

The move is set to be announced Friday, in coordination with the G7 and the European Union, according to a source familiar with the matter, who noted that Congress would have to make the final decision.

That is expected to be a formality, however, as US lawmakers have declared their support for a move to revoke normal trade relations with Russia.