The Commerce Department announced on Wednesday that the United States will prolong the temporary suspension of tariffs on Ukrainian steel by an additional year, citing the ongoing Russian invasion of Ukraine.
In May of last year, the United States initially suspended tariffs on Ukrainian steel for a one-year period, which coincided with the commencement of the Russian invasion.
During his presidency in 2018, Donald Trump imposed a 25% tariff on steel imports from various countries, including Ukraine. Following Russia’s invasion of Ukraine in February 2022, U.S. lawmakers called upon President Joe Biden to eliminate these tariffs.
Before the invasion by Russia, Ukraine ranked as the 13th largest steel producer globally and typically exported approximately 80% of its steel production.
Prior to the invasion, nearly half of U.S. imports from Ukraine consisted of metals such as iron, pig iron, and steel. However, these imports represented only a small fraction of the total metal imports into the United States.
The U.S. Chamber of Commerce highlighted that in 2021, Ukraine exported goods worth $1.9 billion to the United States, accounting for less than 0.1% of all U.S. imports and approximately 2.8% of Ukraine’s total exports.
Recently, the European Union also agreed to extend the suspension of restrictions on imports from Ukraine for an additional year.
In another development on Wednesday, the White House announced a new aid package for Ukraine, which includes the provision of air defense systems, ammunition, and other defense equipment worth up to $300 million.
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