Trump Tariffs Have Caused The Russian Economy To Lose $600 Million

- Sep 26, 2018-

1. [China publishes the "Facts on Sino-US Trade Frictions and China's Position" White Paper] The State Council Information Office released a white paper on "Facts and China's Position on Sino-US Trade Friction" on the 24th, aimed at clarifying the facts of Sino-US economic and trade relations and clarifying China The policy stance on Sino-US economic and trade frictions will promote a reasonable solution to the problem.

2. US President Trump and South Korea signed a revised free trade agreement, the first trade agreement officially signed by Trump since he entered the White House in 2017.

3. ECB President Draghi: The labor market is tightening and there is a shortage in some areas. The risks facing the economic outlook remain roughly balanced. The pressure on rising prices in the euro zone has increased. The salary growth will continue to accelerate.

4. On September 20, China decided to impose tariffs on imported goods originating from the United States of about 60 billion U.S. dollars in response to a 10% tax on US$200 billion worth of Chinese goods announced by the United States. The latest tariff measures of both parties took effect on September 24.

5. Russian Economy Minister: Trump's tariff has caused the Russian economy to lose $600 million. According to government estimates, the Trump administration’s tariffs on imported aluminum and steel have so far caused losses to the Russian economy totaling $600 million. Russian Economic Development Minister Maxim Oreshkin revealed an assessment of the loss in an interview with the official media last week. Maxim Oreshkin said, "We have calculated that the US tariffs imposed on Russia have caused damage to our economy, which is about $600 million. We have already compensated $100 million by levying a 40% tariff on US goods." Oreshkin pointed out that the first round of consultations between the WTO and US trade officials has begun, but the negotiations have not yielded any results. In addition to filing complaints with the WTO, Moscow also imposes retaliatory tariffs on certain US imports, such as road construction machinery, oil and gas equipment and fiber optics, with tariffs ranging from 25% to 40%.