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Thursday, 06 August 2020

Russia introduces additional taxes on some US goods amid steel tariffs: Ministry

Sputnik , Friday 6 Jul 2018
Maxim Oreshkin
Russian Minister of Economic Development Maxim Oreshkin (Photo: Reuters)
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In June Russia filed a complaint to challenge the US metal tariffs with the World Trade Organization (WTO), requesting consultations with Washington under the organization's dispute settlement procedures.

Additional taxes ranging from 25% to 40% on certain goods produced in the US have been introduced by Moscow in response to the US aluminum and steel tariffs, the Economic Development Ministry of Russia announced in a statement.

The ministry also noted that Russia and other members of the WTO, including China, the EU, India, Mexico, Norway and Canada have already filed complaints with the organization against the United States.

According to Minister of Economic Development Maxim Oreshkin, Russia plans to tax $87.6 million worth of annual imports from the US, while the remaining taxes could be applied within three years in order to compensate for the $537.6 million that Russian exporters have lost due to tariffs in the US.

A 10 percent tariff on aluminum imports and a 25 percent tariff on steel imports, originally imposed by President Trump in March, were temporarily suspended for some states, including Mexico, Canada and the European Union in order to attempt to negotiate a better deal, but the suspension was later revoked.

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