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Russia and China introduce reciprocal duties on American goods

Russian internet influencer sells Russian goods to Chinese consumers

Moscow and Beijing seek ways to protect their economies

In Russia, new rates of import duties have come into force for a number of American goods. This was a response to previously adopted US duties on steel and aluminum..Russia and China introduce reciprocal duties on American goods According to the agency “Prime”, the increase in fees for the import of certain types of vehicles for the transport of goods, road construction equipment, oil and gas equipment, tools for metal processing and drilling of rocks, as well as fiber. The new duties will range from 25% to 40%. This is done within the framework of compensation for damage from American trade restrictions, which is estimated in Russia at $ 537.5 million. At this stage, the volume of Russian additional duties will amount to $ 87.5 million. in year. Russia now has the right to this amount of compensation according to the rules of the World Trade Organization, explained the head of the RF Ministry of Economic Development Maxim Oreshkin. The rest of the duties for 450 million can be introduced in three years or by decision of the WTO. As Nyuzru.Com reminds, Russia, following some other WTO members, at the end of June initiated a dispute with the United States within this organization. At the same time, Moscow sent a request for formal consultations. If during the negotiations the ways of resolving the dispute are not found, then Russia plans to ask the WTO to consider the issue by an arbitration group. The European Union, India, China, Canada, Mexico and Norway did the same earlier..

Meanwhile, in China, after reports of the readiness of official Beijing to introduce additional duties on American goods worth $ 60 billion, entrepreneurs are now deciding where it would be better to buy meat instead of American.Russia and China introduce reciprocal duties on American goods Trade friction between the US and China continues. China strikes at Donald Trump’s main electorate – American farmers. China doubled tax on imports of American pork and beef.

China buys from the USA and by-products – pork heads and legs. There are no other people willing to buy these animal parts in the USA. If China closes this import channel, it will be a rather sensitive blow for farmers. Chinese entrepreneurs note American meat imports have plummeted in recent weeks.

“Before, when we bought American pork, we paid a tax of 24%. Now the duty has increased to 50%. The difference is quite tangible, “said Xu Wei, manager of Shanghai New Source International Trading Company, the largest food importer in Shanghai..

Experts note that it will not be difficult for China to find alternative meat suppliers in Europe and Australia. American farmers will have to get used to new realities..

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