More sanctions against Russia on the way, and I think they should be left in place even if Russia retreats from Ukraine.
The president announced Friday he is working with Congress to revoke favorable U.S. trade treatment for Russia, among other measures.
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President Joe Biden said on Friday he is working with Congress to revoke favorable U.S. trade treatment for Russia, allowing him to raise tariffs on Russian products and returning relations between the two countries to Cold War-era status.
It’s the latest in an escalating series of economic measures the White House has taken to isolate Russia as its two-week-old invasion of Ukraine intensifies.
“The totality of our sanctions and export controls is crushing the Russian economy,” Biden said at a White House event to announce coordinated action with Canada, France, Germany, Italy, Japan and the United Kingdom as well as the European Union to suspend “most-favored nation” tariff treatment for Russia.
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Removal of privileges is the largely symbolic first step before countries face tougher decisions over what penalties to apply.
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