Russia estimates its losses on steel and aluminum tariffs

Russia estimates its losses on US steel and aluminum tariffs at $ 600 million.

In July, Russia asked the World Trade Organization (WTO) to consult with the United States on the duty imposed by Washington on steel and aluminum.

Russia says US duties of 25% and 10% on steel and aluminum imports, respectively, are inconsistent with the 1994 WTO General Agreement on Tariffs and Trade (GATT) and the Guarantee Agreement, the WTO press office said. This is the seventh complaint filed by WTO members against US levies on steel and aluminum. China, India, the European Union, Canada, Mexico and Norway have filed similar complaints with the WTO in the past.

Consultations provide an opportunity to discuss this issue and find a solution without further consideration. However, if they were unsuccessful, the complaining party would have the right to demand the creation of a panel of arbitrators after 60 days, the WTO said in a statement. According to Oreshkin, the first round of consultations with the WTO did not bring results.

As a response, Russia imposed additional duties of 25-40% on American goods. Russian taxes cover certain types of road construction equipment, oil and gas equipment and optical fiber.