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

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/Jonathan ErnstRegister now for FREE unlimited access to Reuters.comWASHINGTON, March 10 (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”.Register now for FREE unlimited access to Reuters.comRemoving 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. read more Register now for FREE unlimited access to Reuters.comReporting by Steve Holland and Andrea Shalal in Washington; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.