US President Joe Biden has signed a decree suspending tariffs on steel imports from Ukraine for one year, Report informs via Ukrinform.
"Ukraine's steel industry has been significantly disrupted by the Russian Federation's unjustified, unprovoked, unyielding, and unconscionable war against Ukraine. The significant disruption in Ukraine's steel production is expected to decrease the total amount of steel produced by Ukraine as well as the amount of steel imported into the United States from Ukraine," reads the proclamation released on the website of the White House.
Biden noted that the steel industry "has been historically important to Ukraine", underscoring that both the United States and Ukraine are interested in maintaining that industry as an economic lifeline while the country recovers.
As noted, Secretary of Commerce Gina Raimondo will monitor the situation in the domestic steel industry and developments in Ukraine's steel industry and inform Biden of any need to terminate or extend the suspension.
In 2018, the Trump administration imposed additional customs tariffs of 25% on steel and 10% on aluminum to protect these industries in the United States.
In early May this year, the US Department of Commerce announced the abolition of increased tariffs on Ukrainian steel imports for one year to support Ukraine's metallurgical industry, which accounts for a significant share of the national economy.