President Biden announced Friday that the U.S., European Union and G7 countries are moving to revoke Russia’s “most favored nation” trade status over its invasion of Ukraine. The U.S. will also take steps to ban the import of Russian seafood, diamonds and vodka, he said.
“Each of our nations is going to take steps to deny most favored nation status to Russia,” he announced. “A most-favored-nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest-possible…
