Russia may implement trade tariffs amounting to US$538 million on U.S. goods in response to American customs duties on Russian steel and aluminum, according to a Russian filing with the World Trade Organization.
The document, dated May 22, proposes "an increase in duty on selected products originating in the U.S." within 30 days of the Council on Trade in Goods being notified. The document does not say whether the notification has been sent or when Russia is planning to send it.
Russia calculates that the 25% tariff on steel products and 10% tariff on aluminum products incurs duties of US$378.1 million and US$159.5 million, respectively, totaling US$537.6 million.
"The suspension of concessions and other obligations will continue to apply until the United States' safeguard measures are lifted," said the document, giving no indication of which goods may be hit by the proposed measures.
In a move to boost American production and security, the U.S. announced the tariffs on imports of steel and aluminum in March. Following outcry from the international community, Mexico, Canada, Australia, Argentina, Brazil, South Korea and the European Union were granted exceptions from the duties.
Russia's largest aluminum producer, United Co. Rusal PLC, was hit by U.S. sanctions in April for allegedly profiting from the Russian government's "malign activity" around the globe. The company has since warned of the possibility of a technical default, while the Russian government has pledged to support sanctioned companies.
