US extends suspension of tariffs on Ukrainian steel

The United States will extend the temporary suspension of tariffs on Ukrainian steel for another year, the Commerce Department announced on last week, referring to Russia's ongoing invasion of Ukraine.Washington initially suspended duties on Ukrainian steel for one year in May 2022, months after the Russian invasion began, and extended the suspension in May 2023.

Donald Trump imposed a 25% duty on steel imports from countries including Ukraine in 2018. Lawmakers from both parties in April called on President Joe Biden to lift the duties. Prior to the invasion, Ukraine was the world's 13th largest steel producer and exported about 80% of its production. Nearly half of U.S. imports from Ukraine consisted of metals such as iron, pig iron and steel, although these imports were a small portion of total U.S. metal imports.

According to the U.S. Chamber of Commerce, Ukraine exported $1.9 billion worth of goods to the U.S. in 2021, less than 0.1 % of all U.S. imports but about 2.8 % of Ukraine's total exports.

The European Union also agreed to extend the suspension of import restrictions on Ukrainian goods for another year in May this year.