The Minister of economic development of Russia Maxim Oreshkin
© Sergei Savostyanov/TASS
TASS, may 31. United States, violating the principles of the WTO, “shoot yourself in the foot”, said the Minister of economic development of Russia Maxim Oreshkin at an informal meeting of the world trade organization (WTO) in Paris.
Trump on the trail of a trade war
Today the Minister of Commerce Wilbur Ross said that the American administration imposed from June 1, customs duties on import of steel and aluminum products from the EU, Canada and Mexico, which in March had granted the continuance. The European Union has stated that it intends proportionate response to trading fees of the United States, as well as to start proceedings under the world trade organization (WTO).
“We are witnessing how the US shot itself in the foot, damaging at the same time, the whole world economy . History shows, unfortunately, all the positive aspects in the regulation of international trade to happen only after something really bad with the world economy,” he said. at the meeting of the WTO.
Members of world trade “already sitting in the train, the next station which is “a Global crisis”, continued the Russian Minister.
He compared the current situation with the period of the great depression, when all countries tried to protect its domestic market, which only exacerbated the situation. Such a policy will eventually lead to a slowdown in the global economy, Oreshkin said, urging to abandon it.
Oreshkin also noted that the concept of national security in the WTO need to be discussed, because the US interpret it for protectionist purposes.
“We urge members to start a discussion on the issue of national security in the WTO agreement. We do not agree with how our American colleagues are using this concept, it is contrary to the original understanding,” he said.
The Minister of economic development of the Russian Federation urged the U.S. to comply with WTO rules. “If not, we will respond proportionally and in accordance with the rules of the WTO”, – he said.
In addition, he called for the preservation of WTO adjudication. Russia has long advocated the reform of the WTO and is ready to discuss this topic, Oreshkin said.
“What we’re doing and continue to do – first, we protect our own economy from global change, and second, continue to work on further developing international trade and cooperation,” he concluded.
The US 23 March, imposed new duties on steel and aluminium products – 25% for steel and 10% aluminum. They apply to all countries which export products to the United States, however, deferred until may 1 got Argentina, Australia, Brazil, Canada, Mexico, the Republic of Korea and the countries of the European Union.
Russia at the end of may notifying the WTO about possible retaliatory measures in connection with the introduction of US tariffs on steel and aluminum. Response equivalent to the loss limitations from the USA for Russian exports of steel and aluminum, are estimated at nearly $538 million.