Latest News by Industry
US President Joe Biden on Monday said that tariffs on Ukrainian steel will be lifted for a year, reversing tariffs imposed by President Donald J. Trump on Ukraine and several other countries in 2018.
“Some of Ukraine’s largest steel communities have been among those hardest hit by Putin’s barbarism, and the steel mill in Mariupol has become a lasting symbol of Ukraine’s determination to resist Russia’s aggression,” the US Department of Commerce said in a statement.
In 2018, former-US President Donald Trump slapped a 25% tariff on steel imports from nations like Ukraine.
Ukraine is a major steel manufacturer, ranking 13th in the world. As employees are summoned to fight and supplies of components and raw materials are hindered during the conflict, most of the country's industries and other economic activities have been halted.
According to the US Department of Commerce, the steel sector in Ukraine employs one in every thirteen Ukrainians. Steel and allied industries account for about 12% of Ukraine's gross domestic product.
“For steel mills to continue as an economic lifeline for the people of Ukraine, they must be able to export their steel,” said Commerce Secretary Gina M. Raimondo, in a statement. “Today’s announcement is a signal to the Ukrainian people that we are committed to helping them thrive in the face of Putin’s aggression, and that their work will create a stronger Ukraine, both today and in the future.”
The European Commission last month proposed a one-year suspension of import taxes on any Ukrainian commodities not covered by a free trade agreement.
Picture Credits: NYT
Also read: