Russia slaps retaliatory duties on US imports

Russia slaps retaliatory duties on US imports

Russia imposed extra duties from 25 to 40% on import of certain US goods in response to steel and aluminum duties earlier set by the US, the Ministry of Economic Development said.

"Compensating measures apply as additional, higher rates of import duties from 25% to 40% of the price of imported goods. They will cover certain US goods, whose counterparts are produced in Russia," the country's Economic Development minister Maxim Oreshkin said. 

"In particular, measures apply to certain types of road construction machinery, oil and gas equipment, metalworking and rock drilling tools and optic fiber," he said.

Russia may introduce in three years additional duties on the import of goods from the United States as a retaliatory measure, since the current countermeasures do not completely cover the damage to Russian exporters caused by the actions of the US authorities. 

"The damage from US trade restrictions for Russian exporters is estimated at $537.6 mln. This is the amount of additional duties Russian suppliers are obliged to pay in the US. On the current stage our higher duties cover only part of the damage - $87.6 mln. This is the compensation Russia has the right for under WTO rules," TASS cited Oreshkin as saying.

The rest of the compensatory measures Russia will be able to introduce either in three years after the additional duties in the US come into effect - that is, on March 21, 2021, or if the WTO states that the US measures do not comply with the rules of organization, the ministry added.

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