Putin: America`s mishandling of markets fuels inflation
Date
5/20/2024 8:21:42 AM
(MENAFN) Russian President Vladimir Putin has criticized the United States for exacerbating inflation by imposing import bans and restrictions on Russian and Chinese products. Putin issued this warning during a press conference held in the city of Harbin as part of his two-day visit to China.
Putin's remarks primarily focused on the ongoing trade disputes between Washington and Beijing, as well as the sanctions levied by the United States, the European Union, and their allies on a wide array of Russian goods in response to the Ukraine conflict.
Highlighting the potential consequences of such actions, Putin emphasized that these measures would likely lead to increased inflation in the United States. He argued that as a result of import bans and restrictions, the US would be compelled to produce these goods domestically, which would involve higher production costs due to utilizing domestic resources and labor.
The United States has previously implemented bans and restrictions on imports of various Russian commodities, including energy resources and metals like nickel, copper, and aluminum. Furthermore, Washington recently escalated tariffs on Chinese products, quadrupling duties on electric vehicles (EVs) to over 100 percent and imposing new levies on computer chips, solar cells, and lithium-ion batteries.
The White House defended these measures, stating that they are aimed at safeguarding American workers and businesses. However, Putin's critique suggests that such actions could have unintended consequences, potentially contributing to inflationary pressures in the United States economy.
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