Russia introduces import response duties on goods from the United States - ForumDaily
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Russia introduces import response duties on goods from the United States

Russia introduces duties on a number of American goods in response to the US decision to impose duties on foreign supplies of steel and aluminum, the press service of the Russian Ministry of Economic Development said.

Photo: depositphotos.com

According to Air force with reference to the comments of the department of Maxim Oreshkin, it is noted that the United States refused to compensate Russia for losses arising from American duties, and therefore it was decided to introduce “balancing measures” regarding exports from the United States.

The ministry noted that the final list of US goods to be levied duties, has not yet been determined. It will take several days to form. At the same time, duties will be levied only on those products that have analogues in the Russian market.

Later, Economic Development Minister Maxim Oreshkin told reporters that the list of goods for which duties will be introduced has already been worked out.

“It is related to those goods for which we have sufficient trade volume, and also for which an assessment has been carried out so that this [imposition of duties] does not harm either Russian consumers or Russian citizens, and also does not have a negative impact on investment processes,” - TASS agency quotes Oreshkin. Among the goods that will be subject to new duties will be, in particular, road construction equipment. However, according to the minister, drugs will not be included in this list.

Judging by Russian customs statistics, the largest item of US import into Russia passes through a “secret code”—$3,6 billion worth of such goods were imported. The next major expense items are nuclear reactors, boilers and equipment, ground transport, optical equipment, including photographic and cinematographic equipment.

The United States also imports electrical machinery and equipment, pharmaceutical products, chemicals, plastics, ferrous metal products, perfumes and cosmetics. Total import volume: $12,6 billion in 2017.

The threat of trade war

In March of this year, US President Donald Trump announced the decision to introduce export duties on aluminum (10%) and steel (25%). According to Trump, an excess of steel and aluminum on the world market threatens bankruptcy of American manufacturers - and they are vital to the country's security.

Exclusion from new duties was done for Canada, Mexico and the EU to negotiate. But they were not able to finish them on time - before June 1st.

As a result, US Secretary of Commerce Wilbur Ross announced that from midnight 1 June to Washington time, new duties apply to all countries.

The states that were affected by the new duty, said they would take countermeasures against certain sectors of the American economy. Canadian Prime Minister Justin Trudeau called the new American duties offensive, given the long-standing close relations between the two countries.

The EU representative, in turn, called Washington’s decision “ordinary protectionism.” On June 14, EU countries unanimously supported the introduction of retaliatory import duties against the United States. Their total volume can reach 2,8 billion euros per year. These measures must be approved by the European Commission. Its next meeting is scheduled for June 20.

Russia 22 May notified the WTO that the reciprocal restrictions on US goods are estimated at up to 537,6 million dollars (25-percent export duty to the United States of Russian steel, estimated at 1,512 billion dollars, and 10-percent export duty on aluminum, which is estimated at 1,646 billion dollars).

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