China News Service, March 11 (Reuters) - U.S. President Joe Biden may call for an end to normal trade relations with Russia on the 11th local time, clearing the way for higher tariffs on Russian imports, several people familiar with the matter said.
Data map: US President Biden.
Photo by China News Agency reporter Chen Mengtong
According to reports, senior officials in the Biden administration said that the cancellation of Russia's "permanent normal trade relations" with the United States would require action by the US Congress.
Members of the U.S. Senate and House of Representatives supported the move.
The White House revealed that at 10:15 EST on the 11th, Biden may announce that he will continue to hold Russia responsible for its military operations in Ukraine.
At the heart of the announcement was the removal of Russia's trade privileges, one of the sources said.
According to the report, the United States imports the most commodities from Russia including fossil fuels, precious metals, steel and so on.
Those goods could face higher tariffs if Congress moves to remove Russia's trade preferences.
Earlier on the 8th, Biden signed an executive order at the White House announcing that the United States banned the import of Russian oil, liquefied natural gas and coal due to the Ukraine issue.
The executive order also prohibits new investments by U.S. individuals and entities in the Russian energy industry, while prohibiting U.S. citizens from providing financing or guarantees for foreign companies investing in Russia to produce energy.