U.K. Government Hits Russian Steel Imports With 35% Tariff
According to the official press release, the 35% tariff will be in addition to any existing tariff rates set on Russian steel products. U.K. Chancellor of the Exchequer Rishi Sunak said the new tariffs “will further isolate the Russian economy from global trade, ensuring it does not benefit from the rules-based international system it does not respect.”
The U.K.’s move are the result of last week’s vote by leaders of the G7 nations (United States, United Kingdom, Canada, France, Germany, Italy and Japan) to deny Russia “most favored nation” trade status, which opened the door for member nations to impose harsher sanctions and higher tariffs against the country. On Monday, the European Union voted to ban finished iron and steel imports from Russia.