Biden Set to Call for End of Russia’s Preferred Trade Status (2)

President Joe Biden on Friday is set to call for an end of normal trade relations with Russia, clearing the way for increased tariffs on Russian imports, according to people familiar with the matter.

His announcement to revoke the trade privileges will come alongside the Group of Seven nations and European Union leaders, the people said.

The president can’t unilaterally change Russia’s trade status because that authority lies with Congress, where Democratic and Republican lawmakers have called for the revocation.

WATCH: President Joe Biden is set to call for an end of normal trade relations with Moscow.

Source: Bloomberg

Suspending normal trade relations with the U.S., which other countries call most favored nation status, would put Russia in ...