Ministry: Russia introduces additional taxes on some US goods amid steel tariffs
July 6, 2018 06:11 PM NPT
Photo Courtesy: Agencies
MOSCOW, July 6: In June Russia had filed a complaint to challenge the US metal tariffs with the World Trade Organization (WTO), requesting consultations with Washington under the organization's dispute settlement procedures.
Additional taxes ranging from 25% to 40% on certain goods produced in the US have been introduced by Moscow in response to the US aluminum and steel tariffs, the Economic Development Ministry of Russia announced in a statement.
The ministry also noted that Russia and other members of the WTO, including China, the Eu, India, Mexico, Norway, and Canada have already started a case within the organization against the United States.
According to the Minister Maxim Oreshkin, Russia plans to tax $87.6 million worth of US annual imports, while the remaining taxes could be applied within three years in order to compensate for $537,6 mln, which Russian exporters lost due to the tariffs in the US.
A 25-percent tariff on steel imports and a 10-percent tariff on aluminum imports, originally imposed by President Trump in March were temporarily suspended for some states, including Mexico, Canada and the European Union in order to attempt to negotiate a better deal, but later the suspension was revoked.