Biden signed the one-year abolition of the 25% duty on Ukraine-made steel

US President Joe Biden approved the abolition of the 25% duty on steel imports from Ukraine for a year, the White House press service reported. Biden’s predecessor Donald Trump introduced Section 232 duty in 2018.

Ukrainian steelmakers supported this decision, hoping that the abolition of the duty will increase exports to the United States.

Earlier GMK Center reported that the Joe Biden administration was considering suspending tariffs on steel imports from Ukraine. According to the source, the revision of the current 25% duties is an “act of solidarity” towards Ukraine, which is suffering from the consequences of the invasion of the Russian Federation.

Prior to that, the UK canceled all duties and quotas on Ukraine-made products ahead of schedule. The European Union also adopted a similar decision for the year. In addition, the Canadian International Trade Tribunal stopped its 77% anti-dumping duties on Ukrainian flat hot-rolled steel. This restriction has been in effect for 20 years.

GMK Center analysts estimated the damage to the Ukrainian economy from trade barriers introduced in foreign markets at 3.3-3.5 million tons of metal products, or about $3 billion in export earnings.

At the same time, the International Monetary Fund called for reducing trade barriers and the debt burden to increase the stability of the global economy.