Iranpress/Europe: Russia imposed extra duties on import of certain US goods in response to steel and aluminum duties earlier set by the US, Russian Minister of Economic Development Maxim Oreshkin said.
Russian Minister of Economic Development added: “Compensating measures apply as additional, higher rates of import duties from 25 percent to 40 percent of the price of imported goods. They will cover certain US goods, whose counterparts are produced in Russia.”
Maxim Oreshkin noted: “In particular, measures apply to certain types of road construction machinery, oil and gas equipment, metalworking and rock drilling tools and optic fiber.”
Extra duties will support Russian manufacturers of counterpart produce and will make it possible for them to substitute US supplies to the domestic market, the minister said.
Regarding Washington trade war, the US and China have fired the opening shots in a trade war. It is hard to see their moves as anything other than reckless acts that endanger the global economy. The two countries should immediately reverse course on their punitive and retaliatory measures and ease tensions through dialogue.
Recently, some US officials and businesses express grave concerns as some states severely affected by US trade war. China and some US allies hit back at US import taxes with their own tariffs on US goods. These reciprocal measures affected US businesses specially agriculture sector.
Russia may introduce in three years additional duties on the import of goods from the United States as a retaliatory measure, since the current countermeasures do not completely cover the damage to Russian exporters caused by the actions of the US authorities, the Economic Development Ministry said.
“The damage from US trade restrictions for Russian exporters is estimated at $537.6 mln. This is the amount of additional duties Russian suppliers are obliged to pay in the US. On the current stage our higher duties cover only part of the damage – $87.6 mln.
Russia new tariffs, in retaliation to US extra tariffs of 25 percent on steel and of 10 percent on aluminum starting on March 23, apply to equipment for road construction, oil and gas industry, metal processing machinery as well as fiber-optics.
U.S. apparel industry also concerned about trade row with some countries and businesses in this industry already suffering some lost.
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