Joe Biden expected to call for suspension of normal trade relations with Russia – live

Speaking to reporters at the Democrats’ retreat-that-is-not-a-retreat in Philadelphia, House Speaker Nancy Pelosi said the US would revoke Russia’s “most favored nation” trade status over its invasion of Ukraine.

Biden is set to speak shortly about ending Russia’s special trade status in coordination with the EU and G7 nations, a move that will allow the countries to raise tariffs on Russian imports. It is the latest step in a series of escalating economic sanctions and actions taken to punish Russia for its invasion of Ukraine.

The US currently only excludes two countries from...