US extends suspension of tariffs: Biden

Insight Online News

Washington, June 1 : President Joe Biden issued a proclamation saying he had determined it is necessary to extend a suspension of tariffs on US imports of Ukrainian steel due to Russia’s special military operation in the country.

“In light of the [Commerce] Secretary’s findings, I conclude that Ukraine’s present situation remains a special case and that an extension of the suspension of tariffs in Proclamation 10403 and the inclusion of steel articles from Ukraine further processed in a member country of the European Union is warranted,” Biden said on Wednesday.

The Commerce Secretary will continue to monitor the situation in the domestic steel industry and the developments in Ukraine’s steel industry and inform of any need to terminate or extend the suspension, Biden said.

The proclamation notes that the amount of steel the United States imported from Ukraine in 2022 increased slightly compared to 2021, but it remains below the average import level seen before 2021.

However, Russia’s special military operation in Ukraine began in February 2022.

Biden emphasized that it is in the interest of the United States and Ukraine to support Ukraine’s steel industry because it serves as an important economic lifeline for the country.

Last year, Ukrainian steel amounted to less than 1% of all US steel imports, Biden said.

Leave a Reply

Your email address will not be published. Required fields are marked *