icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
21 Sep, 2018 14:29

Russia could gain from trade wars by cornering new markets – economy minister

Russia could gain from trade wars by cornering new markets – economy minister

Trade wars between the United States and China could benefit Russia, according to the Russian Economic Development Minister Maksim Oreshkin. With tariffs growing, Russia could substitute American goods in China and India.

These trade wars, these difficult relations between the United States and its trading partners is, first of all, an opportunity that opens on those markets. The US is exporting many goods and services to China and India. The bilateral raise of duties makes such production less competitive,

Oreshkin told RT.

“All this opens niches Russia could fill in. Russia could compete in this sectors by offering its own production,” he added.

China and the US have recently exchanged with a fresh round of tariffs. China added $60 billion of US products to its import tariff list on Tuesday as retaliation to US duties on $200 billion of Chinese goods, which go into effect on September 24. The measure comes into effect next week.

Earlier, US President Donald Trump threatened China with further tariffs on around $267 billion of imports if Beijing retaliates against the latest measure, which it did.

India is also one of several countries that President Trump has repeatedly criticized for its high trade surplus with the US. The US trade deficit with India stands at $30 billion, according to statistics from Washington.

The US has imposed aluminum and steel tariffs on India that cost the Indian economy almost $250 million a year. India has pledged retaliation but has postponed the decision twice, this time to November.

Speaking about Russia-India trade ahead of President Vladimir Putin’s October visit to New Delhi, Oreshkin said the countries need to diversify their business ties from oil and gas.

“To be honest, despite that we are signing new contract with India and trade is growing, there is large room for diversification of trade from energy supplies,” he said. This could be agriculture, machinery and other sectors of economy, Oreshkin added.

For more stories on economy & finance visit RT's business section