President Joe Biden is expected on Friday to announce that the U.S. and its international partners will move to revoke “most favored nation” trade status for Russia, which would result in higher tariffs on Russian goods.
The European Union and the Group of Seven countries are joining in the move, which is another punishment for Moscow over its invasion of Ukraine.
Reports said Biden would work with Congress on legislation.
The suspension could hit Russian products including steel, precious metals and chemicals with higher tariffs.
Russia was the U.S.’s 20th largest supplier of goods in 2019, according to the U.S. Trade Representative’s office. Other items imported from Russia include stone and fertilizers.