The Latest: Russia responds to US with tariffs of its own - Binghamton-area News, Weather, Sports

The Latest: Russia responds to US with tariffs of its own

Posted: Updated:

WASHINGTON (AP) -- The Latest on the trade dispute between the United States and China as they impose new tariffs.

8:45 a.m. (8:45 p.m. Beijing time)

Russia says it has raised tariffs on some U.S. imports in response to the U.S. move to impose tariffs on foreign steel and aluminum.

Economic Development Minister Maxim Oreshkin said in a statement Friday that additional tariffs ranging from 25 to 40 percent have been applied to some road construction equipment, oil and gas equipment, metal processing instruments, drilling equipment and optical fiber.

The European Union, India, China and Russia all have applied to the World Trade Organization to challenge the U.S. tariffs, which mostly took effect March 23. Washington argued they were for national security reasons

Oreshkin said that Russian steel and aluminum makers suffered $537.6 million in damages from the new U.S. tariffs. He noted that the new Russian tariffs will only allow a partial compensation of $87.6 million.


8:00 a.m. (8:00 p.m. Beijing time)

The European Union says it will soon take action to prevent steel produced for the U.S. market from flooding into Europe due to tariffs introduced by President Donald Trump.

The EU's executive Commission said Friday that "recent import statistics show trade diversion of steel products into the EU as a result of the additional 25 percent tariff on steel imposed by the U.S."

The Commission says it plans to formally adopt this month a tariff rate quota to protect the European market. No exact date was given.

Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum from several countries. The tariffs on the EU went into force on June 1. Trump said it was to protect U.S. security interests. The European slammed the move as protectionism and slapped counter-measures on U.S. products.


7:55 a.m. (7:55 p.m. Beijing time)

Chinese Prime Minister Li Keqiang says there could be no winner in a trade war with the United States, yet China has to introduce countermeasures against Washington, which on Friday hiked tariffs on Chinese imports.

Li said at a press conference in Sofia, Bulgaria, on Friday that "trade war is never a solution."

He says "China would never start a trade war but if anyone resorts to an increase of tariffs, then China will take measures in response" to protect its interests. He did not specify which measures.

Li says the U.S. introduction of tariffs "benefits no one."

He says: "If someone insists on waging a trade war, it would hurt others as well as themselves."

In the Bulgarian capital, Li will attend a meeting between China and 16 central and eastern European countries that will focus on trade.


7:50 a.m. (7:50 p.m. Beijing time)

A World Trade Organization spokesman says it has no indication that the United States could pull out of the trade body, while citing its concerns about new tariffs like those behind a possible U.S.-China trade war.

WTO spokesman Dan Pruzin has cited concerns expressed on Twitter by WTO Director-General Roberto Azevedo about new "restrictive measures" before 25-percent U.S. tariffs on $34 billion worth of Chinese imports took effect.

Pruzin said the WTO doesn't define "trade war," saying it, "like beauty, is in the eye of the beholder."

Speaking to reporters on Friday, Pruzin also said the WTO had "no basis" to believe the U.S. might pull out.

President Donald Trump on Monday warned the WTO that if the U.S. isn't treated "properly, we will be doing something." He didn't elaborate.

Powered by Frankly