Russia to Slam Retaliatory Tariffs on US Imports

Russia has announced retaliatory measures in response to the U.S. move to impose tariffs on foreign steel and aluminum.

Economic Development Minister Maxim Oreshkin said a statement on Tuesday Moscow has decided to apply retaliatory measures in line with the World Trade Organization's rules to compensate for damage incurred by the U.S. tariffs.

Oreshkin said that additional tariffs will be applied to a range of U.S. imports, but he declined to immediately name them. He added that the tariffs will be applied to the U.S. goods that have domestic equivalents to avoid hurting the national economy.

The European Union, India, China and Russia all have applied to the WTO to challenge the tariffs that took effect March 23. Washington argued they were for national security reasons.