{"id":16574,"date":"2023-06-01T04:33:01","date_gmt":"2023-06-01T08:33:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/us-extends-by-another-year-temporary-suspension-of-tariffs-on-ukrainian-steel\/"},"modified":"2023-06-01T04:33:01","modified_gmt":"2023-06-01T08:33:01","slug":"us-extends-by-another-year-temporary-suspension-of-tariffs-on-ukrainian-steel","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16574","title":{"rendered":"US extends by another year temporary suspension of tariffs on Ukrainian steel"},"content":{"rendered":"
\n

By Kanishka Singh<\/p>\n

WASHINGTON (Reuters) – The United States will extend by another year the temporary suspension of tariffs on Ukrainian steel, the Commerce Department said on Wednesday, citing the Russian invasion of Ukraine. <\/p>\n

The United States initially suspended tariffs on Ukrainian steel for one year in May last year, months after the Russian invasion began.<\/p>\n

Then-President Donald Trump in 2018 imposed a tariff of 25% on steel imports from countries including Ukraine. U.S. lawmakers urged President Joe Biden to remove the tariffs after Russia invaded Ukraine in February 2022.<\/p>\n

Ukraine was the 13th largest steel producer and typically exported about 80% of its production before the invasion from Russia.<\/p>\n

Prior to Russia’s invasion, nearly half of U.S. imports from Ukraine were metals such as iron, pig iron and steel, but they represented a tiny fraction of total U.S. imports of metals.<\/p>\n

The U.S. Chamber of Commerce noted Ukraine exported a total of $1.9 billion in goods to the United States in 2021 – less than 0.1% of all U.S. imports but about 2.8% of Ukraine’s total exports.<\/p>\n

Last week, the European Union agreed to suspend restrictions on imports from Ukraine for a further year.<\/p>\n

Earlier on Wednesday, the White House announced the latest in a series of aid packages for Ukraine that includes up to $300 million worth of air defense systems, ammunition and other defense equipment. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Kanishka Singh WASHINGTON (Reuters) – The United States will extend by another year the temporary suspension of tariffs on Ukrainian steel, the Commerce Department said on Wednesday, citing the Russian invasion of Ukraine. 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