US extends temporary suspension of tariffs on Ukraine steel for another year

The United States will extend its temporary suspension of tariffs on Ukrainian steel by another year, President Joe Biden said on Friday, citing disruption caused by the Russian invasion.

Report informs via Reuters that Washington initially suspended tariffs on Ukrainian steel for one year in May 2022, months after the Russian invasion began, and extended the suspension in May 2023.

"Ukraine's steel industry continues to be significantly disrupted by the Russian Federation's unjustified, unprovoked, unyielding, and unconscionable war against Ukraine," Biden said in a statement.

In 2023, the amount of steel imported into the United States from Ukraine accounted for less than 1% of all steel imports into the country, he added.