· The
Ministry of Economic Development of the Russian Federation announced a 25-40%
import tariffs on certain US products as a retaliatory measure against Section
232. The taxed products include oil, gas, fiber products, road construction
products, steel and iron ore products, and the above products had alternatives
in Russian market.
Minister of Economic Development of the Russian Federation, Maxim Oreshkin,
stated that US trade measures have caused a loss of around US$538 million to
Russian exports, and the new import tariffs against to the US will grab around
US$88 million back.
Oreshkin believed that the international trade market would rebalance within
three years. If the WTO eased the trade war, the market issue was expected to
be improved faster.
· Source:
yieh