U.S. Announced Temporary Suspension of Tariffs on Ukraine Steel
Steel News | 2022-05-11 14:22:46
The overall U.S. exports to Russia have witnessed significant decline in 2022 by over 79% by value, compared with the corresponding period in 2021.
By Paul Ploumis
SEATTLE (Scrap Monster): The U.S. announced its decision to temporarily suspend 232 tariffs on Ukrainian steel for a period of one year. Announcing the decision, U.S. Secretary of Commerce Gina M. Raimondo noted that Ukraine’s steel industry is uniquely important to the country’s economic strength.
The statement from Commerce Secretary noted that for steel mills to continue as an economic lifeline for the people of Ukraine, they must be able to export their steel. The announcement is a signal to the Ukrainian people that the U.S. is 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.
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It must be noted that the Department of Commerce has launched a series of new export control restrictions on Russia in partnership with its allies, ever since Russia invaded Ukraine on 24th February. The overall U.S. exports to Russia have witnessed significant decline in 2022 by over 79% by value, compared with the corresponding period in 2021.
The U.S. highlighted that many of Ukraine’s steel mills have continued to pay, feed, and even shelter their employees. Some Ukrainian mills have restarted production despite being at the risk of attack.
