Russia raises tariffs on some US goods, says Russian economy ministry 

Economy Minister Maxim Oreshkin said recent US trade restrictions have cost Moscow USD 537.6 million.

Published: 06th July 2018 10:34 PM  |   Last Updated: 06th July 2018 10:46 PM   |  A+A-

Economy Minister Maxim Oreshkin (Photo | AP)

By PTI

MOSCOW: Russia has raised import tariffs on some US goods in response to similar moves by Washington, the economy ministry said today.

"The compensation measures are being taken in the form of additional, increased rates of import duties from 25 to 40 per cent depending on the imported product," Economy Minister Maxim Oreshkin said in a statement.

Oreshkin said recent US trade restrictions have cost Moscow USD 537.6 million.

"Raising our import duties will compensate for only part of this loss," he said.

He added that Russia has "the right" to do this according to the World Trade Organisation (WTO) rules.

He said Moscow could introduce further measures in due course.

Last month Russia challenged the US at the WTO, accusing Washington of multiple violations of international trade rules.

It formally asked the United States for "consultations" over tariffs of 25 per cent on steel and 10 per cent on aluminium.

Russia thus joined other powerful WTO members -- including the European Union, China, India, Mexico and Canada -- in fighting back against President Donald Trump's controversial trade policies.

Under WTO rules, if 60 days pass without consultations resolving the dispute, Russia can ask the WTO to set up a dispute panel.

That triggers a long and costly legal battle that could take years to resolve.

Earlier today the Kremlin warned that a trade war between the US and China will have consequences for the world economy.

"Russia will take the necessary measures to protect its interests," Kremlin spokesman Dmitry Peskov told reporters.

The US imposed punishing tariffs on Chinese imports Friday, the first shot in what Beijing called "the largest trade war in economic history".

The foreign ministry in Beijing said its own retaliatory measures "took effect immediately".

China imposed 25-per cent tariffs on an equal amount of goods, state news agency Xinhua said.

Economists have warned that escalating trade frictions could throttle global growth and strike at the heart of the world trading system.

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