Russia announced a tariff of 25% to 40% on some US goods

Russia announced a tariff of 25% to 40% on some US goods

In response to the US previous levy of aluminum and steel tariffs on Russia, the Russian Ministry of Economic Development announced an additional tax of 25% to 40% on some US goods. According to Reuters, taxable goods cover construction, oil and gas and mining equipment.

Russian Economy Minister Maxim Oleshkin said that Russia plans to impose US$87.6 million (about 580 million US dollars) on US annual imports. In order to make up for the losses caused by US tariffs on Russian exports, the remaining tax will be levied $537.6 million (approximately RMB 3.57 billion) within three years.

According to reports, in June this year, Russia filed a complaint with the World Trade Organization (WTO) on US steel-aluminum tariffs, demanding that the US resolve disputes under the WTO procedures. It is reported that other members of the WTO, including China, the European Union, India, Mexico, Norway and Canada, have filed a complaint against the United States within the organization.

In March of this year, US President Trump proposed to suspend 10% of aluminum import tariffs and 25% of steel import tariffs, and expects to reach a better agreement with some EU countries, Canada and Mexico. However, due to unsatisfactory progress in negotiations with countries, the levy was cancelled