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Russia to retaliate against US steel & aluminum tariffs – economy minister

Russia to retaliate against US steel & aluminum tariffs – economy minister

“The US continues to apply protective measures by imposing additional import duties on steel and aluminum, and refuses to provide compensation for Russia’s losses. That is why Russia is using its WTO rights and introducing balancing measures with respect to imports from the United States,” he said on Tuesday.

The US recently imposed tariffs on steel and aluminum. The trade penalties – 25 percent on imported steel and 10 percent on imported aluminum – took effect on June 1.

Russia’s response will apply to American goods that have an alternative produced within the country, Oreshkin said. In May, Russia informed the WTO about possible retaliatory measures in the amount of $538 million – exactly the same sum it stands to lose from America’s restrictions. The detailed list of affected American goods coming to Russia will be published within the next few days.

China, Russia, Japan, India, Turkey and the European Union have all said they don’t agree with the American tariffs on steel and aluminum, saying they cannot be explained by US security concerns – the pretext Washington has used to explain its actions. The affected countries will reportedly seek financial restoration through the WTO to the tune of $3.5 billion per year.