- All Blacks coach Robertson demands better finishing
- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
- Heavy fire over Israel-Lebanon border after deadly Beirut strike
- Ramos guides unbeaten Toulouse to Montpellier win despite Hogg scuffle
- Myanmar flood death toll jumps to 384
- Chelsea owners 'happy' with win at West Ham amid rift report
- Kane and Olise run riot as Bayern thump Bremen
- Ramos guides unbeaten Toulouse to Montpellier win
- Norris pips Verstappen to dramatic Singapore pole after Sainz crash
- Carey takes Australia to 270 in 2nd ODI against England after collapse
- Two Hezbollah leaders killed in Israel's Beirut strike
- Hungary Danube waters reach decade high after Storm Boris
- Bagnaia cuts Martin's MotoGP lead with Emilia-Romagna sprint win
- Jackson double fires Chelsea to victory at woeful West Ham
- Fiji beat Japan to lift Pacific Nations Cup
- Kasatkina to face Haddad Maia in Korea Open final
Biden seeks to strip Russia of favored trade status
US President Joe Biden intends to strip Russia of its preferential trade status, a move that would enable Washington to inflict steep tariff hikes on Moscow in retaliation for the invasion of Ukraine.
The move is set to be announced Friday, in coordination with the G7 and the European Union, according to a source familiar with the matter, who noted that Congress would have to make the final decision.
That is expected to be a formality, however, as US lawmakers have declared their support for a move to revoke normal trade relations with Russia.
The White House said Biden will "announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine."
He is scheduled to speak at 10:15 am (1515 GMT).
The preferential trade status, known in the United States as permanent normal trade relations (PNTR), is a key principle of the World Trade Organization that requires member countries to guarantee equal tariff and regulatory treatment to other members.
Accorded by the United States to most countries in the world, with notable exceptions like Cuba and North Korea, the status also known as most favored nation grants imported goods from a country equal footing with other trading partners.
Stripping Moscow of the designation, granted in December 2012, would allow Biden to impose steep tariffs on Russian goods or restrict imports of some products.
The new trade sanction would cap several rounds of measures intended to sever Russia's economic and financial ties with the rest of the world over its invasion of ex-Soviet Ukraine.
They have included banning Russian oil imports, seizing the assets of billionaires tied to President Vladimir Putin, and freezing the nation's stockpile of cash.
Together, the moves have already pushed Moscow to the brink of a debt default.
- Limited impact? -
But those steps have also caused prices for key commodities, like gasoline and wheat, to soar, harming US consumers already facing the highest inflation in four decades.
And trade experts are dubious about whether new tariffs would be effective.
"US direct trade with Russia is relatively small, so higher tariffs would not do much damage to them but could raise costs for our manufacturers who rely on them for key raw materials," said William Reinsch of the Center for Strategic and International Studies in Washington.
In addition, "The additional damage this does to the trading system, while not immediate, could be significant," he said in an analysis.
The United States imported just under $30 billion in goods from Russia last year, including $17.5 billion in crude oil.
The IMF said Thursday that war and the sanctions will lead to a "sharp contraction" of the Russian economy, and lead to slower global growth.
The IMF this week approved a $1.4 billion in fast-disbursing aid for Ukraine, and the World Bank this week released nearly $500 million of what is expected to be a $3 billion financing package to aid the war-torn country.
US lawmakers meanwhile passed a huge spending bill on Thursday, including almost $14 billion in humanitarian and military aid to war-torn Ukraine, as the invasion by Russia entered its third week.
More than doubling from an initial $6.4 billion last week, the $13.6 billion relief includes aid for refugees, military aid and support for NATO allies in eastern Europe.
J.Fankhauser--BTB