July 7, 2018 09:50 AM NPT
MOSCOW, July 7: Russia says it is imposing additional import tariffs on some U.S. products in response to U.S. moves to slap duties on foreign steel and aluminum.
The Russian Economy Ministry on July 6 said Moscow would slap the extra tariffs on goods from the United States for which there are Russian-made substitutes.
Economic Development Minister Maksim Oreshkin said the additional tariffs range from 25 to 40 percent and have been applied to some road-construction equipment, oil and gas equipment, metal-processing instruments, drilling equipment, and optical fiber.
The ministry said the measures were designed to compensate for $88 million in damages suffered by Russian export-focused companies as a result of the U.S. metals tariffs. It suggested additional moves were possible.
The action comes the same day as China and the United States slapped tit-for-tat duties on $34 billion worth of each other’s imports as Beijing accused Washington of instigating the “largest-scale trade war.”
Russia, the European Union, India, and China have applied to the World Trade Organization (WTO) to challenge the duties imposed by the United States.
The EU on July 6 said it will soon take action to prevent steel produced for the U.S. market from flooding Europe due to the tariffs.
Washington has said it was forced into applying the tariffs because of unfair trade practices and for national security purposes.