Biden administration has announced to suspend tariffs on Ukrainian steel for 1 year, to support the country which is struggling to defend its sovereignty against
The United States (U.S.) has announced to suspend tariffs on Ukrainian steel for 1 year, to support the country which is struggling to defend its sovereignty against the invading Russian forces.
The U.S. Department of Commerce said that some of Ukraine’s largest steel communities have been hardest hit by Russian President Vladimir Putin’s barbarism and the steel mill in Mariupol has become a lasting symbol of Ukraine’s determination to resist Russia’s aggression.
Ukraine is the 13th largest steel producer and typically exports about 80% of its production. The Ukraine’s steel industry accounts for 1 in 13 Ukrainians’ jobs. Steel and related sectors comprise nearly 12% of Ukraine’s gross domestic product.
Earlier in 2018, the Former President of U.S. – Donald Trump had imposed a tariff of 25% on steel imports from countries including Ukraine. In April 2022, the lawmakers urged the President of U.S. – Joe Biden to lift the tariffs.
Besides, the European Commission has also proposed to suspend import duties on all Ukrainian exports to the European Union (E.U.) for 1 year. The E.U. has also proposed exempting Ukraine from safeguard measures that limit steel imports, and lifting anti-dumping tariffs, which the E.U. currently imposes on Ukrainian steel tubes, hot-rolled flat steel products and ironing boards.
As per the data by U.S. Chamber of Commerce, Ukraine exported a total of U.S. $ 1.9 billion in goods to the U.S. in 2021, approximately 2.8% of Ukraine’s total exports.
In other developments, Russia fired hypersonic missiles targeting a shopping mall and 2 hotels in the Southern Port City of Odesa. Russian fired 7 missiles at the shopping mall. A total of 2 Kinzhal missiles, Russia’s new hypersonic missiles, were fired from a plane that targeted the hotels. As of now, 2 people have been hospitalised.
Russia has said it has no plans to close its Embassies around Europe in retaliation to sanctions imposed by E.U.
Speaking on the occasion, the Deputy Foreign Minister of Russia – Alexander Grushko said, “This is not in our tradition.” He further said, “Therefore, we believe that the work of diplomatic representative offices is important.”
The U.S. House of Representatives will consider an additional U.S. $ 40 billion of funding for Ukraine. Biden has called on Congress to immediately pass the Ukraine aid bill, warning for the first time that existing aid will run out in approximately 10 days.
The Ukrainian Military said that Russia is holding back some of its forces within its borders to prevent a Ukrainian counterattack that has made some headway East of Kharkiv.
