Russia joins trade war as it vows to impose retaliatory tariffs on US imports
Russia’s economic development minister says the new tariffs will be applied in response to US moves on steel and aluminium
Russia announced retaliatory measures on Tuesday in response to the US move to impose tariffs on foreign steel and aluminium.
Economic Development Minister Maxim Oreshkin said in a statement that Moscow has decided to apply retaliatory measures in line with the World Trade Organisation’s rules to compensate for damage incurred by the US tariffs.
Oreshkin said that additional tariffs would be applied to a range of US imports, but he declined to name them, saying that the ministry would release the list in the coming days.
He added that the tariffs would be applied to the US goods that have domestic equivalents to avoid hurting the Russian economy.
Oreshkin later told reporters that tariffs may apply to road construction equipment and some other items, but would not target medicines, according to Russian news agencies.
The European Union, India, China and Russia all have applied to the WTO to challenge the tariffs that took effect March 23. Washington argued that they were imposed for national security reasons.