Biden says U.S. to strip Russia of permanent normal trade status

U.S. President Joe Biden on Friday said the United States will revoke Russia's "permanent normal trade relations" status to punish Moscow over its invasion of Ukraine.

The change, which Biden said was being taken in concert with moves by U.S. allies, would pave the way for the United States to impose tariffs on a wide range of Russian goods, heightening pressure on an economy on the brink of deep recession.