Russia and Japan warn US of US$1 billion in tariff retaliation

Steel collies seen in a factory in Germany on March 22, 2018.
Steel collies seen in a factory in Germany on March 22, 2018.PHOTO: EPA-EFE

GENEVA (REUTERS) - Russia and Japan have warned they could retaliate against US tariffs on steel and aluminium by imposing sanctions worth almost US$1 billion combined, filings published by the World Trade Organisation (WTO) showed on Tuesday (May 22).

The documents from Russia and Japan, following similar filings last week by the European Union and China, notified the United States of the cost of its tariff plan, based on 2017 exports.

Russia said the US plan would add duties of US$538 million to its annual exports and Japan put the sum at US$440 million, and both said they had the right to impose equal costs on US exports.

Neither named the US products that they might target.