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Biden suspends tariffs on Ukrainian steel imports for a year

Biden suspends tariffs on Ukrainian steel imports for a year

The United States' President, Joe Biden, has signed a decree suspending tariffs on Ukrainian steel imports for a year. 

"The Russian Federation's unjustified, unprovoked, unyielding, and unconscionable war against Ukraine has significantly disrupted Ukraine's steel industry." "The significant disruption in Ukraine's steel production is expected to reduce both the total amount of steel produced by Ukraine and the amount of steel imported into the United States from Ukraine," reads the proclamation posted on the White House website.

Biden stated that the steel industry "has historically been important to Ukraine," highlighting that both the US and Ukraine have an interest in keeping that industry as an economic lifeline while the country recovers.

As previously stated, Secretary of Commerce Gina Raimondo will monitor the situation in the domestic steel industry as well as developments in Ukraine's steel industry and will notify Biden if the suspension needs to be terminated or extended.

To protect these industries in the United States, the Trump administration imposed additional tariffs of 25% on steel and 10% on aluminum in 2018.

In early May of this year, the US Department of Commerce announced the suspension of increased tariffs on Ukrainian steel imports for one year in order to support Ukraine's metallurgical industry, which accounts for a significant portion of the national economy.

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