LIVE: Biden to Announce Actions Against Russia Over War in Ukraine

(Mar. 11) 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. Suspending normal trade relations with the U.S., which other countries call most favored nation status, would put Russia in the company of countries like Cuba and North Korea. It would allow the U.S. to hit Russia with significantly higher tariffs than it applies to other World Trade Organization members, which has as a core principle non-discrimination among members and treating all members equally. Just like the U.S., the other countries calling for the repeal over Russia’s invasion of Ukraine will go through their own processes, the people said. --- Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube:    / bloomberg   Breaking News on YouTube:    / bloombergquicktakenews   Twitter:   / quicktake   Facebook:   / quicktake   Instagram:   / quicktake