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President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia over its invasion of Ukraine.

He said the U.S. will also ban imports of Russian seafood, alcohol and diamonds.

The action on most favored nation status will allow the U.S. and allies to impose higher tariffs on some Russian imports to the United States.

Biden’s move comes as bipartisan pressure has been building in Washington to revoke what is formally known as “permanent normal trade relations” with Russia.

He said it would be “another crushing blow” that would “squeeze” Russian President Vladimir Putin.

The earlier sanctions on imports of Russian oil, gas and coal cut off about 60% of U.S. imports from the country.

Most favored nation status has been a baseline for global trade, ensuring that countries within the World Trade Organization are treated similarly. Some countries in the WTO have special privileges due to their status as developing economies. Russia would join the ranks of Cuba and North Korea by not having MFN status from the U.S.

The revocation carries mostly symbolic weight. Because Russian imports into the U.S. are primarily natural resources, they would generally face little to no increase in their tariffs because of the lost status, Ed Gresser of the Progressive Policy Institute in Washington, said in an online post.

Instead of the current tariff rate, buyers of Russian goods would pay rates established under the Smoot-Hawley Tariff Act of 1930, which disrupted trade during the Great Depression. This would still be zero for uranium, rhodium, palladium, silver bullion and king crabs. But the import tax would shoot up for unwrought aluminum, plywood, semi-finished steel and diamonds, among other products.

On Monday, Democrats on the powerful House Ways & Means Committee posted, then removed, an announcement on a bipartisan bill to ban Russian oil imports and slap further trade sanctions on the country, according to an aide, because of pushback from the White House against acting before Biden had coordinated with allies and reached a decision on both matters. The House voted Wednesday on a narrower bill to ban Russian energy imports after Biden instituted the ban by executive order.

Canada was the first major U.S. ally to remove most favored nation status for Russia last week.

Biden's action was first reported by Bloomberg News.

(Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

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