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U.S. to cancel higher duty on Ukrainian steel and products from it for a year

Export of metals from Ukraine. Photo: usm.media

Export of metals from Ukraine. Photo: usm.media

The United States will temporarily — for 12 months — suspend the charging of a 25% import duty on Ukrainian steel imposed by President Donald Trump, Secretary of Commerce Gina M. Raimondo said.

"For steel mills to continue as an economic lifeline for the people of Ukraine, they must be able to export their steel. 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." the Secretary said.

The report notes that Ukraine’s steel industry employs 1 in 13 Ukrainians, and their job is well paid.

"It's about the suspension of the 25% duty imposed in 2018 by the Trump administration," First Deputy Prime Minister — Minister of Economy Yulia Svyrydenko explained. The report of the Ministry of Economy reads that now the duty will be zero.

This duty of 25% from almost all countries was imposed by the administration of U.S. President Donald Trump. In 2021, it was partially canceled for the EU countries, and in February 2022 — for Japan.

According to the State Statistics Service, in 2021, the export of ferrous metals from Ukraine to the United States increased by 50.5% on a year-over-year basis, to $70.76 million, and products from them — 11 times, to $16.85 million.

It should be noted that the bulk of Ukraine's metallurgical exports before the war was sent through ports. Now almost all of them are blocked.

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