The U.S. is set to revoke Russia's "most favored nation" trade status over its invasion of Ukraine and also impose high tariffs on Russian imports.

In a message to the American people, President Joe Biden said Friday the U.S. supports Ukraine and will continue to coordinate with allies to step up economic pressure and further isolate Russia.

He said the U.S., G7 countries and NATO are moving to end permanent normal trade relations (PNTR) with Russia and thereby revoke its preferred trade status.

This move would allow the White House to slap tariffs on Russian goods for which congressional approval is required.

Both the Senate and House of Representatives support sanctions on Russia. House Speaker Nancy Pelosi said the House will next week pass a motion on the bill ending the PNTR with Russia. 

Biden said the U.S. will also take steps to ban the import of Russian seafood, diamonds and vodka and sanction more Russian oligarchs.

But he drew a clear line against any direct military action, saying the U.S. will not fight Russia and it won't fight a third World War in Ukraine.

Biden also warned that Russia would pay a severe price if it used chemical weapons.