Russia says Trump's tariffs show disregard for trade norms

MOSCOW: Russia said Wednesday that US President Donald Trump’s sweeping tariffs showed his disregard for the foundations of international trade, as Moscow raised concerns about a global trade war.

Trump’s punishing tariffs on dozens of economies took effect Wednesday, including over 100 percent on China, as Beijing vowed “forceful” action in an intensifying trade war that sparked fresh panic on the markets.

Russia has deepened economic and political ties to China since launching its offensive on Ukraine three years ago but is also pushing a rapprochement with Washington and hopes to have Western sanctions lifted.

The imposition of tariffs violates fundamental World Trade Organization (WTO) rules and “demonstrates that Washington no longer considers itself bound by the norms of international trade law,” Russian foreign ministry spokeswoman Maria Zakharova told reporters at a televised briefing in Moscow.

Moscow has been cautious in its criticism of Trump’s policies since he returned to the White House in January, hoping it can convince him to get behind a Ukraine peace deal that benefits Russia.

But officials have in recent days expressed concern over sliding oil prices — crucial for Moscow’s public finances — since Trump launched his tariff blitz.

“Any shock to the world economy, threatening a slowdown in growth and general decline in consumption, has a negative outlook on lots of global processes,” Zakharova said.

“The situation raises all the more serious concern when we are talking about two of the world’s major economies,” she added.

Russia’s central bank chief Elvira Nabiullina also on Wednesday called the unfolding trade war a “significant risk”, saying that “tectonic changes in global trade” were underway.

“It is still very difficult to judge where they will lead the world economy and how it will affect Russia. It is a new significant risk that we must consider,” she said in a hearing in Russian parliament.