Russia and Japan may impose $1 billion duties in response to US tariffs

Beijing. May 23. Silkroadnews - Russia and Japan have warned they could retaliate against U.S. tariffs on steel and aluminium by imposing sanctions worth almost $1 billion combined, the Kazakh Telegraph Agency (KazTAG) reports citing Reuters.
Russia reported that as a result of the US actions, the amount of import duties paid by Moscow will increase by $538 million per year, Japan called the figure of $ 40 million. Both countries said they have the right to introduce similar tariffs on the import of American goods without mentioning specific types of products, documents released by the World Trade Organization (WTO) say.
Moscow and Tokyo reported their estimated damage is based on exports to the US in 2017. Last week, similar documents were submitted to the WTO by the European Union and China, the report said.
To remind, this March the US President Donald Trump introduced a 25% duty on steel imports and 10% - on aluminum referring to the national security reasons.