Biden admin lifts tariffs on Ukrainian steel

2022-06-16 14:27:17 By : Mr. Andy Wong

The U.S. will lift tariffs on Ukrainian steel for the next year in a bid to help Ukraine as its war with Russia continues, Commerce Secretary Gina Raimondo announced on Monday.

Why it matters: The move temporarily pauses part of a 2018 measure by the Trump administration to impose steel and aluminum tariffs on a broad swath of countries.

The big picture: While Ukraine is a relatively minor supplier of steel to the U.S. — coming in only 12th among foreign suppliers — the steel industry looms large in Ukraine and has been a source of economic growth, per the New York Times, which first reported the news.

State of play: Although many of the country's steel producers halted much of their production at the start of the Russian invasion in February, two major producers — ArcelorMittal and Metinvest — began to restart some of their operations last month, the Wall Street Journal reported.

What they're saying: "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," Raimondo said in the press release.