The US Department of Commerce announced on the 9th local time that it would suspend tariffs on steel imported from Ukraine for one year.
In a statement, U.S. Commerce Secretary Raymond said that in order to help Ukraine recover its economy from the conflict between Russia and Ukraine, the United States will suspend the collection of steel import tariffs from Ukraine for one year. Raymond said the move was intended to show the Ukrainian people the support of the United States.
In a statement, the U.S. Department of Commerce stressed the importance of the steel industry to Ukraine, saying that one in 13 people in Ukraine works in a steel plant. “Steel mills must be able to export steel if they are to continue to be the economic lifeline of the Ukrainian people,” Raymond said.
According to US media statistics, Ukraine is the 13th largest steel producer in the world, and 80% of its steel is exported.
According to the U.S. Census Bureau, the U.S. imported about 130000 tons of steel from Ukraine in 2021, accounting for only 0.5% of the U.S. imported steel from foreign countries.
US media believe that the suspension of steel import tariffs on Ukraine is more “symbolic”.
In 2018, the trump administration announced a 25% tariff on imported steel from many countries, including Ukraine, on the grounds of “national security”. Many congressmen from both parties have called on the Biden administration to abolish this tax policy.
In addition to the United States, the European Union recently suspended tariffs on all goods imported from Ukraine, including steel, industrial products and agricultural products.
Since Russia launched military operations in Ukraine on February 24, the United States has provided about $3.7 billion in military assistance to Ukraine and its surrounding allies. At the same time, the United States has taken several rounds of sanctions against Russia, including sanctions against Russian President Vladimir Putin and other individuals, excluding some Russian banks from the global banking financial Telecommunications Association (Swift) payment system, and suspending normal trade relations with Russia.