A list of restrictions on imported products from the United States will likely be prepared by Russia in response to U.S. tariffs on steel and aluminum, Moscow’s trade ministry said on Friday, according to CNN. However, it added that the measures are not a direct retaliation for President Donald Trump’s move.
The announcement came after China threatened to retaliate to U.S. President Donald Trump’s measures, stoking fears of a looming global trade war.
“We will prepare our position, submit it to the Economy Ministry and apply to the WTO (the World Trade Organization),” Russia’s Deputy Trade Minister, Viktor Yevtukhov said. “We will probably prepare proposals on the response measures. Restrictions against the American goods.”
“I think that all countries will follow this path,” he added.
Trump has said the tariffs are needed to protect U.S. national security and therefore do not need to be cleared by the WTO. Many trade experts disagree saying they fall under the jurisdiction of the Geneva-based global trade body.
Russian steel and aluminum producers have been playing down the potential impact of the U.S. tariffs. But Russia’s Trade Ministry said there would be an impact. Russian steel and aluminum producers may lose $2 billion and $1 billion, respectively, from the U.S. tariffs introduction, Yevtukhov said, citing preliminary estimates for the Trade Ministry. It was not clear whether he was referring to annual losses.
China’s commerce ministry said on Friday that the country was planning measures against U.S. imports to balance the steel and aluminum tariffs, with a list of 128 U.S. products that could be targeted.
The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on U.S. pork and recycled aluminum goods, according to the statement.
The statement did not go into greater detail. U.S. agricultural products, particularly soybeans, have been flagged as the biggest area of potential retaliation by Chinese President Xi Jinping’s administration.
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