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TASS — Russia to notify WTO of plans for retaliation against US for steel, aluminum duties

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The United States has refused to hold consultations with Russia on the WTO platform over the introduction of restrictions on steel and aluminum import, saying such measures were not special protectionist ones, the Ministry of Economic Development told TASS on Friday. With this in mind Russia is going to notify the WTO of its intention to take retaliatory measures to limit the import of steel and aluminum. "In response to Russia’s request for consultations the United States said that it did not regard its restrictions as special protectionist ones and was unprepared for consultations with Russia within the framework of WTO procedures on special protectionist measures. All other WTO members that had requested such consultations received the same reply," the ministry told TASS. "In this

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The United States has refused to hold consultations with Russia on the WTO platform over the introduction of restrictions on steel and aluminum import, saying such measures were not special protectionist ones, the Ministry of Economic Development told TASS on Friday. With this in mind Russia is going to notify the WTO of its intention to take retaliatory measures to limit the import of steel and aluminum.
"In response to Russia’s request for consultations the United States said that it did not regard its restrictions as special protectionist ones and was unprepared for consultations with Russia within the framework of WTO procedures on special protectionist measures. All other WTO members that had requested such consultations received the same reply," the ministry told TASS.
"In this connection we plan to notify the WTO Council on Trade in Goods of our intention to take such steps. Thirty days after such notification Russia will have the right to take retaliatory measures proportionate to the damage from US restrictions on the Russian export of steel and aluminum," the ministry said....
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Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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