Watch Live: Biden announces U.S. will revoke Russia's "most favored nation" trade status

President Biden is expected to announce Friday that the U.S., European Union and G7 countries are revoking Russia's "most favored nation" trade status over its invasion of Ukraine.

Bipartisan lawmakers have been calling on him to revoke the status, known as "permanent normal trade relations," with Russia, a move that enables the U.S. and allies to impose tariffs on Russian imports.

Within the past few days, companies such as Starbucks, McDonald's, Hilton Worldwide Hotels, Coca-Cola and PepsiCo. have announced changes to their operations in Russia, decisions the White House says have been made by the companies, independent of the U.S. government.