May 23, 2022

Biden ends tariffs on steel from Ukraine for one year in new deal with war-torn nation

The Biden administration announced on Monday that it would suspend tariffs on Ukrainian steel for one year to help the nation’s industry following Russia’s invasion.

“We can’t just admire the fortitude and spirit of the Ukrainian people — we need to have their backs and support one of the most important industries to Ukraine’s economic well-being,” Commerce Secretary Gina 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, and that their work will create a stronger Ukraine, both today and in the future,” he added.

The previous 25% tariff had been implemented in 2018 to create better incentives for American steel companies.

President Joe Biden also spoke with G7 leaders and Ukrainian President Volodymyr Zelensky on Sunday about increasing sanctions against Russia.

The combined efforts hope to slow Russia’s progress and ultimately end the invasion of Ukraine that has now lasted more than 70 days.

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