MOSCOW, March 28. /TASS/. Tariff wars can lead to confrontation between all trade participants, this is unacceptable, Russian Deputy Foreign Minister Alexander Pankin said at the International Economic Forum of the CIS Member States.
"All these tariff wars, especially the latest rounds, they can lead to the fact that international trade participants will begin to confront "all against all". This is unacceptable," the deputy minister said.
"Our partners in the Asian part of Eurasia understand this. They understand that the system of global governance through various international, financial, trade institutions has become toxic. They understand that the payment and settlement system has become toxic," the deputy minister added.
On February 10, US President Donald Trump ordered the introduction of customs duties in the amount of 25% on all imports of steel and aluminum. The decision, which came into effect on March 12, is applicable to supplies from Australia, Argentina, Brazil, the United Kingdom, the European Union, Canada, Mexico, South Korea and Japan.
On March 4, the US authorities imposed customs duties of 25% on almost all imports from Canada and Mexico, and also raised tariffs on goods from China from 10% to 20%.
On March 6, Trump signed executive orders to postpone until April 2 the introduction of 25% import duties on goods from Canada and Mexico that fall under the trilateral trade agreement. He warned that there would be no other concessions after that date.
TASS is the general information partner of the forum.