Biden to call for end of normal trade ties with Russia, higher tariffs on Russian imports

© Reuters. FILE PHOTO: U.S. President Joe Biden holds a virtual meeting with business leaders and state governors to discuss supply chain problems, particularly addressing semiconductor chips, on the White House campus in Washington, U.S., March 9, 2022. REUTERS/Jon

By Steve Holland

WASHINGTON (Reuters) - U.S. President Joe Biden on Friday will call for an end of normal trade relations with Russia over its invasion of Ukraine, clearing the way for increased tariffs on Russian imports, two people familiar with the situation told Reuters.

The move marks the latest escalation of a push by the United States and its allies to pressure Russian President Vladimir Putin to end the largest war in Europe since World War Two.

Russia calls its actions in Ukraine a "special operation".

Removing Russia's status of "Permanent Normal Trade Relations" will require an act of Congress, said one senior administration official. But lawmakers in both houses of Congress have expressed support for such a move.

Unprecedented, sweeping sanctions slapped on Russia banks and elites, along with export controls have already caused the Russian economy to crater, and the International Monetary Fund is now predicting that it will plunge into a "deep recession" this year.

Biden on Tuesday imposed an immediate ban on Russian oil and energy imports.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!