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

Plates of steel are seen at a production facility of Zaporizhstal Iron and Steel Works, amid Russia's attack on Ukraine, in Zaporizhzhia, Ukraine October 9, 2023. REUTERS/Oleksandr Ratushniak/File Photo

Source: X80002

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.

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.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters