Russia-China Trade Unchanged amid Global Trade Wars: Deputy Economy Minister
TEHRAN (Tasnim) – Russia does not see any consequences from the tariffs imposed by US President Donald Trump and there is no significant slowdown in trade with China, Deputy Minister of Economic Development Vladimir Ilyichev said speaking at the RBC Foreign Trade Forum.
"We are not yet observing any changes in trade flows and trade with China. There is a slight slowdown in our trade with China due to recycling fee. So far, we do not see any significant slowdown in trade with China in terms of exports and imports, there are certain slowdowns, but within the framework of seasonal factors," he said, commenting on the situation in global trade in connection with tariffs imposed by the US. He noted that this story will have some delayed effect, TASS reported.
On April 2, US President Donald Trump announced the introduction of tariffs on products from 185 countries and territories. Russia is not present on the list. Baseline tariffs of 10% came into force on April 5, while individualized ones became effective on April 9.
On April 9, Trump announced suspension of additional import tariffs imposed on a reciprocal basis for a number of countries and territories for 90 days. The White House explained that the pause was related to trade negotiations, adding that during this period, a universal tariff of 10% will be in effect.
Concurrently, the US president raised tariffs on Chinese products to 125%. Earlier, a 20% tariff was also implemented for allegedly inefficient efforts by governments of Canada, China, and Mexico in their fight against the fentanyl smuggling. With this 20% tariff, the total tariff on goods from China now reaches 145%.
