Wednesday, May 31, 2023
- The US will extend the temporary suspension of tariffs on Ukrainian steel for another year under Section 232 of the Trade Expansion Act of 1962.
- The action, initiated by President Biden, supports the Ukrainian steel industry, which is crucial for the country’s economy and employment.
- This measure is seen as a commitment to Ukraine amidst Russia’s aggression.
- This extension follows the initial one-year suspension of steel duties for Ukraine signed on May 27, 2022.
Unedited Press Release Text:
Today, Secretary of Commerce Gina Raimondo announced the United States will extend by one year the temporary suspension of tariffs on Ukrainian steel under Section 232 of the Trade Expansion Act of 1962, as amended.
“Over the last year, the United States has provided a much-needed market for the steel that Ukraine is able to export. In doing so, Americans are directly supporting the people of Ukraine, many of whom rely on Ukraine’s steel industry for their economic well-being,” said Secretary Raimondo. “Thanks to President Biden’s leadership in signing this Presidential Proclamation, today’s announcement is a signal to the Ukrainian people that our commitment to them remains unwavering in the face of Russia’s aggression.”
On May 27, 2022, President Biden signed a Presidential Proclamation that suspended for one year the Section 232 steel duties for Ukraine. This action created vital export opportunities for one of Ukraine’s most important industrial sectors and enabled Ukrainian steel mills to continue employing their workers. By extending this action for an additional year through the Presidential Proclamation announced today, the United States demonstrates its steadfast commitment to the Ukrainian people at a time of unjustified war.
Join the Newsletter
What’s better than free news straight from the source?