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Japan, Russia, and Turkey Talk Potential Trade Retaliation

Dan Industry News Release, Trade

The World Trade Organization says Japan, Russia, and Turkey have all warned the United States about possible trade retaliation for U.S. tariffs on steel and aluminum imports.

japanAn Agriculture Dot Com article says those tariffs would up the total U.S. tariff bill around the world to $3.5 billion annually. The three countries recently notified the World Trade Organization of their compensation claims. That follows similar moves by the European Union, India, and China. Each filing showed how much the U.S. tariffs would add to the cost of steel and aluminum exports to the United States.

Russia says the Trump-imposed tariffs add up to $538 million in duties to its exports. Japan put the amount at $440 million and Turkey added another $267 million. They all reject the view that the U.S. tariffs are a matter of security concerns and are therefore exempt from WTO rules.

Neither Japan or Russia specified how they will retaliate against U.S. exports, but Turkey listed 22 American goods it was planning to target, ranging from nuts, rice, and tobacco, to cars and steel products.

From the National Association of Farm Broadcasting News Service.