Moscow:
Russia said on Wednesday that US President Donald Trump’s comprehensive tariff showed its disregard for the foundation of international trade, as Moscow expressed concern about a global trade war.
Trump’s punishment on dozens of economies on Wednesday had an impact on China with more than 100 percent, as Beijing took “powerful” action in an acute trade war that created fresh terror on the markets.
Russia has deepened the economic and political relations for China since its aggressive launch on Ukraine three years ago, but is also increasing a synergy with Washington and is expected to lift the Western sanctions.
Tariff’s charge violates the rules of the Fundamental World Trade Organization (WTO) and “Washington no longer consider the International Trade Act bound by the norms of the law,” Russian Foreign Ministry spokesman Maria Zakharova told reporters at a television briefing in Moscow.
Moscow has been cautious in criticism of Trump’s policies since returning to the White House in January, it is expected that it can convince him to find behind Ukraine’s peace deal that benefits Russia.
But the authorities have expressed some concern over slipping oil prices in recent times – important for Moscow’s public finance – since Trump launched his tariff blitz.
Zakharova said, “Any shock to the world economy, there is a threat to a normal decline in development, and a negative attitude on a lot of global processes.”
He said, “When we are talking about the two major economies of the world, the situation creates more serious concern.”
Elvira Nabiulina, head of the Central Bank, Russia, called the trade war a “significant risk” on Wednesday, saying that “tectonic changes in global trade” were going on.
In a hearing with Russian MPs, he said, “It is still very difficult to judge that they will lead the world economy and how it will affect Russia. It is a new significant risk we should consider.”
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