Russia enacts retaliatory tariffs against US

Russia has imposed tariffs on some US imports in response to Washington’s move to raise duties on imported steel and aluminium.

Moscow has imposed duties of 25 to 40 per cent on US products of which have Russian’made substitutes, the country’s economy ministry said in a statement citing a decree signed by prime minister Dmitry Medvedev.

“Compensatory measures are applied in the form of additional, increased rates of import duties at a rate of 25 to 40 per cent of the value of the imported goods. They will be subject to certain US goods, analogues of which are produced in Russia,” said economic development minister Maxim Oreshkin.

“In particular, some types of road construction equipment, oil and gas equipment, tools for metal processing and rock drilling, as well as fibre optics are covered.”

Moscow has estimated the total hit to Russian exporters by the US metal tariffs at $537.6m. It said its countermeasures would only compensate $87.6m.

“This is compensation, which, according to the rules of the WTO, Russia now has the right to,” Mr Oreshkin said, adding that further compensatory measures would be introduced in March 2021 or with the blessing of the World Trade Organization.

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Russia enacts retaliatory tariffs against US

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