MOSCOW, July 15. /TASS/. The potential introduction of tariffs against Russia and its trade partners by the United States will backfire and affect the American economy in the first instance, head of the Russian Chamber of Commerce and Industry Sergey Katyrin told TASS.
On July 14, US President Donald Trump said the US would introduce import tariffs at about 100% against Russia and its trade partners if Moscow and Washington do not reach agreements on the settlement in Ukraine during fifty days.
"If such measures are implemented indeed, they will backfire against the American economy. Consequences will be felt by consumers and producers linked to supplies from countries against which restrictions can be introduced. We have already observed how these steps lead to a surge in prices, logistical failures and narrowing of the choice of the goods in the US market," Katyrin said.
Such measures will not have a significant impact on the economic stability of Russia that has built solid ties with a broad coalition of partners from CIS, Asian, African and Latin American countries, he noted.
"Our export is sufficiently diversified and the domestic operations base is developing. That is why politically motivated tariffs are more likely to demonstrate the credibility gap in the global trade system than inflict serious damage to our economy," Katyrin stressed.