Business
20:53, 06-Jul-2018
Russia slaps extra tariffs on US imports
Updated
20:52, 09-Jul-2018
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Russian Prime Minister Dmitry Medvedev has signed a decision imposing extra duties of 25-40 percent on some imports from the United States in response to Washington's tariff move, Russia’s Ministry of Economic Development said on Friday.
The extra duties will apply to imports of fiber optics, equipment for road construction, oil and gas industry, metal processing and mining, according to a ministry statement.
Russia says it has raised tariffs on some US imports in response to the US move to impose tariffs on foreign steel and aluminum.
The European Union, India, China and Russia all have applied to the World Trade Organization to challenge the US tariffs, which mostly took effect March 23. Washington argued they were for national security reasons.
Economic Development Minister Maxim Oreshkin said in a statement that Russian steel and aluminum makers suffered 537.6 million US dollars in damages from the new US tariffs. He noted that the new Russian tariffs will only allow a partial compensation of 87.6 million US dollars.
Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from several countries. The tariffs on the EU went into force on June 1. The European Union slammed the move as protectionism and slapped counter-measures on US products.