Russia Hits China with Trade Tariffs!! 🇷🇺 v 🇨🇳 ?

#BOTHSIDES

Superstar
Joined
Aug 5, 2013
Messages
5,375
Reputation
1,379
Daps
12,665
Reppin
The Chi
Russia hits China with trade tariffs

Russia has imposed a new tariff on a category of imports from China, an ally that has been a crucial lifeline for Moscow since President Vladimir Putin's 2022 invasion of Ukraine.

Customs officials in Vladivostok recently reclassified sliding rail parts used in Chinese furniture, categorizing them alongside furniture parts with bearings, meaning they are now subject to a 55.65 percent duty, the Association of Furniture and Woodworking Enterprises of Russia announced in a November 28 statement.
The association warned of "serious consequences," saying "such a strong increase in duties could lead to the bankruptcy of many importers of furniture components and an inevitable rise in the price of domestic furniture by at least 15 percent," according to a statement on its website.
The Far Eastern port city handles about 90 percent of shipments of Chinese furniture fittings into Russia. Industry insiders questioned why China, Russia's "no-limits" partner, faces harsher duties than European suppliers.

The annual volume of imports of furniture fittings is estimated at $1.3 billion, and it is very right that at the moment the duty on imported fittings is only 0 percent—this provides a lot of support to the industry," Alexander Shestakov, who serves as the association's president, told Forbes.
Shestakov pointed out that similar fittings imported from Europe are subject to duties of no higher than 10 percent. He went on to stress how reliant Russia is on Chinese imports and said these parts aren't produced domestically.

Vadim Vildanov, general director of Boyard, a Russian producer of cabinet fittings, said the move pressures Chinese suppliers and harms Russian manufacturers. "This is contrary to the interests of domestic furniture production because it is Chinese fittings that now cover the needs of the Russian market," Vildanov told the news agency.
The decision has sparked feelings of betrayal among some Chinese commentators. "If such actions had come from the United States, 'positive energy' experts would have long condemned it as doomed hegemonic behavior. Yet in the face of Russia's ruthless measures, they remain silent, spineless as jellyfish," wrote a columnist under the pseudonym Du Juan for China's NetEase News.
Trade between Russia and China has surged since the February 2022 invasion of Ukraine, helping to sustain Russia's wartime economy under Western sanctions.

Bilateral trade reached a record $240 billionin 2023, driven by Russian oil exports and Chinese sales of electronics, vehicles and machinery—an increase of $50 billion over the previous record set in 2022.
This year, trade flows experienced more headwinds amid mounting U.S. secondary sanctions on goods deemed to support Russia's military operations. Chinese exports to Russia dipped in March for the first time since March 2022.
However, Chinese exports to its neighbor in October were up by almost 27 percent from a year earlier, according to customs data.
 
Top