World Economy

Russia Files Lawsuit With WTO Against US Tariffs

Russia Files Lawsuit With WTO Against US TariffsRussia Files Lawsuit With WTO Against US Tariffs

Russia has filed a lawsuit with the World Trade Organization against US tariffs on steel and aluminum imports, Russian Economic Development Minister Maxim Oreshkin said Friday, Xinhua reported. “The claim was caused by numerous violations of the WTO rules that the United States committed when introducing the tariffs,” Oreshkin said in a statement. With a few suspensions and exemptions, the United States introduced a 25% tariff on steel and a 10% tariff on aluminum imports, starting March 23, to protect its domestic producers. In April, Russia requested consultations with the United States within the WTO dispute settlement procedure, saying the tariffs violated the WTO agreement on protective measures. Earlier this month, Oreshkin said Russia would impose duties on imports of US goods in response to the tariffs. Russian customs data showed that last year the country exported 8.9 million tons of rolled steel products worth $3.3 billion and 3.5 million tons of aluminum worth nearly $5 billion. According to a preliminary assessment, Russia will lose $2 billion on steel and $1 billion on aluminum due to the tariffs.

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