Pres Biden removes Russia's favored trade status
- US to revoke permanent normal trade relations (PNTR) with Russia
- US revoking Russia's most favored nations status
- Looking for other nations to join the US in revoking PNTA relations
- US also been imports of diamonds, seafood and vodka
- US and G7 will ensure Russia cannot get multilevel financing from IMF, World Bank
- Totality of our sanctions, export controls are crushing Russian economy
- Russian stock market has been closed for two weeks and its currency has lost more than half of its value
- US banning export of luxury goods to Russia
- We will not fight a war vs Russia and Ukraine.
- Putin is the aggressor and must pay the price
- We will not let autocrats dictate the democracy of the world
- Russia would face severe price if it used chemical weapons.
The US stocks rallied a bit from the start to finish of the address:
- Dow was up 115.30 and is up 188.23 points at the end.
- S&P was down -3.45 and is up 5.12 points at the end
- Nasdaq was down -73.92 points and is down -47.74 points at the end
PS The vote on revoking permanent normal trade relations will take place next week.