China News Service, March 11th. On the 11th local time, US President Biden announced at the White House that the United States and its allies will cancel Russia's "most favored nation" status.
Data map: US President Biden.
NBC reported that Biden will push to end normal trade relations with Russia.
The report also pointed out that after this decision takes effect, it may open the door for the United States to "destructive taxation" of Russia.
The World Trade Organization stipulates that all members enjoy equal trade most-favored-nation treatment.
However, the "national security exception" clause in the WTO's multilateral trade rules gives members the discretion to take measures such as removing the most-favored-nation treatment for trade to protect their "essential security interests."