United States to suspend duties on Ukrainian steel
The Minister of Trade of the United States of America Gina Raimondo announced the suspension of duties on Ukrainian steel for a period of one year. This is a 25% duty on metallurgical products, which the United States introduced in 2018. The duty-free regime for Ukrainian steel in the United States will last for 12 months.
Ukraine ranks 13th in the world among the largest steel producers. The metallurgical industry is one of the most important in our country’s industry structure. To stabilize its work in the face of Russia’s military aggression, it is important to provide opportunities to export steel and steel products. The abolition of US tariffs will create additional export opportunities for Ukraine and thus give Ukrainian companies orders and jobs to Ukrainians.
“The abolition of these duties will be a turning point in trade relations between Ukraine and the United States. This is an essential signal for Ukrainian producers about the readiness of the US government to support the economic stability of our country by including Ukrainian metallurgical products in its production processes,” said First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyridenko.
In 2021, exports of Ukrainian metallurgical products to the United States increased significantly. Last year, Ukraine delivered 428.9 thousand tons (compared to 359 thousand tons in 2020). Exports of ferrous metals also increased from 44.7 thousand tons in 2020 to 119.8 thousand tons in 2021.