WORLD Russia starts imposing new taxes on US goods

WORLD

Russia starts imposing new taxes on US goods

Xinhua

02:50, August 07, 2018

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File Photo: Russian Minister Of Economic Development Maxim Oreshkin(Photo: Gettyimages)

MOSCOW, Aug. 5 (Xinhua) -- Russia on Sunday started imposing additional import tariffs of 25-40 percent for a range of US goods, according to the Russian government.

Russian Prime Minister Dmitry Medvedev last month signed a government order setting the new tariffs, stipulating that it would become effective 30 days after its official publication on July 6.

The new tariffs, in retaliation to US extra tariffs of 25 percent on steel and of 10 percent on aluminum starting on March 23, apply to equipment for road construction, oil and gas industry, metal processing machinery as well as fiber-optics.

The volume of new Russian tariffs at the current stage will amount to $87.6 million a year, according to a previous statement by the Russian Economic Development Ministry.

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