Russia retaliates against US with tariffs on American goods

By Trade WarFOXBusiness

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Russia said Friday it would impose extra duties on some U.S. imports in response to U.S. tariffs on Russian goods, according to Reuters.

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The nation's Economics Ministry said the new tariffs, which would range from 25% to 40%, would be applied to products for which there are Russian substitutes.

Among those products are fiber optics, equipment for road construction, oil and gas industry items, metal processing and mining.

Russia said U.S. tariffs on its exports is expected to cause $537.6 million in damages, and the new tariffs being applied to U.S. goods will compensate for about $87.6 million of that damage.