The Central Bank announced the risks of a slowdown in global economic growth due to duties in the United States

The increase in import duties in the United States and retaliatory measures by other countries have increased the risks of slowing global economic growth and accelerating inflation. This was announced on April 2 in the summary of the discussion of the key rate of the Central Bank of the Russian Federation.

"Participants (discussions. They noted that the increase in import duties in the United States and the retaliatory measures of other countries increased the risks of slowing global economic growth and accelerating inflation," the document says.

According to the Central Bank, exports from Russia remained stable at the beginning of the year, while imports declined. The main reason for this decrease was a temporary reduction in demand for foreign cars after its significant increase in August-October last year before the increase in the recycling fee.

In addition, there is an opinion that, given the significantly increased delivery time, weak imports at the beginning of this year could be a result of a decrease in order volumes at the end of last year, when the ruble weakened.

However, most of the participants in the discussion concluded that the decline in imports was largely due to expectations of more moderate growth in domestic demand, including import demand, due to "tight monetary policy conditions."

The Central Bank stressed that the strengthening of the ruble should not be considered as a sustainable factor for reducing inflation.

On March 19, Jerome Powell, chairman of the US Federal Reserve System, which serves as the country's central bank, said that the tightening of import duties had led to an increase in inflation expectations in the United States. Policy makers estimate that the core personal consumption expenditures (PCE) inflation rate will be 2.8% at the end of 2025, compared with the previous 2.5%.