- Russia’s oil price concerns in U.S.-China trade war
The potential effects of the U.S.-China trade war on oil markets and on the Russian economy remain one of Russia's main agenda items.
In a statement to reporters in Gorno-Altaysk, Russia, Russian Economic Development Minister Maxim Oreshkin said last week that they are evaluating the effects of the re-escalating trade wars between the U.S. and China on the Russian economy and are actively working with China and with Arab countries to mitigate the effects.
“Despite the slowdown in the global economy, we are actively working with China and the Arab countries to increase Russia's share in the global market. So we balance the effects of trade wars,” the minister said.
Trade wars would have a restrictive effect on the Russian economy, Oreshkin said. “But everything is in our hands. We need to focus on domestic development and opportunities in foreign markets.”
U.S. President Donald Trump recently announced that the U.S. imposed a 10% customs duty on $300 billion worth of products imported from China.
In response, the Chinese Ministry of Commerce announced that purchases of agricultural products from the U.S. would be temporarily halted following the U.S. imposition of tariffs on Chinese goods.