President Joe Biden will announce that the U.S. is moving to revoke Russia’s status as a “most-favored nation,” a senior administration official told reporters at CNBC and NBC News.
“Most-favored nation” status is a classification within the World Trade Organization that exempts a country from tariffs.
Changing Russia’s trade status will allow Congress to slap tariffs on any or all goods imported from Russia to the U.S., with caviar, vodka, plywood and various other goods among those likely to be affected.
It is unclear whether Biden himself is revoking Russia’s trade status or whether he will call on Congress to do so.
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Biden to revoke normal trade relations with Russia as it widens attacks in Ukraine — 3/11/22
