Trade Tensions: Russia imposes retaliatory tariffs on some US imports
Updated 12:08, 10-Jul-2018
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Russia is imposing additional tariffs on some American imports. The extra duties will affect goods used in Russia's construction and energy industries. CGTN's Lucy Taylor explains from Moscow.
LUCY TAYLOR MOSCOW "Businesses have known that this decision was coming but didn't know the details until now. But the new tariffs, or taxes, will add an extra 25-40% on to the value of certain goods being imported to Russia from the United States. The government is targeting products which are also made by Russian companies, in the hope of boosting domestic industries, in the areas of road construction machinery, oil and gas equipment, tools for metal processing and rock drilling. But this is primarily retaliation against President Donald Trump's decision in March to impose extra import duties on steel and aluminum, from other countries including Russia for national security reasons. Russia has also filed a complaint with the World Trade Organization to challenge the U.S. tariffs. Many here may feel that the Russian government is right to protect Russia's interests - but the U.S. is Russia's sixth biggest trading partner - and few businesses will welcome getting deeper into a trade war. Lucy Taylor, CGTN, in Moscow."