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VOL. 42 | NO. 27 | Friday, July 6, 2018
Russia responds to US with tariffs of its own
WASHINGTON (AP) — The Latest on the trade dispute between the United States and China as they impose new tariffs.
8:45 a.m. (8:45 p.m. Beijing time)
Russia says it has raised tariffs on some U.S. imports in response to the U.S. move to impose tariffs on foreign steel and aluminum.
Economic Development Minister Maxim Oreshkin said in a statement Friday that additional tariffs ranging from 25 to 40 percent have been applied to some road construction equipment, oil and gas equipment, metal processing instruments, drilling equipment and optical fiber.
The European Union, India, China and Russia all have applied to the World Trade Organization to challenge the U.S. tariffs, which mostly took effect March 23. Washington argued they were for national security reasons
Oreshkin said that Russian steel and aluminum makers suffered $537.6 million in damages from the new U.S. tariffs. He noted that the new Russian tariffs will only allow a partial compensation of $87.6 million.