**US Raises Tariffs on Steel and Aluminum, Hit’s Ukrainian Exporters**
The White House announced yesterday that US President Donald Trump has signed an executive order to double tariffs on steel and aluminum imports. The new duties will raise the rate from 25% to 50%, affecting countries worldwide. This move comes after a February executive action imposed a flat 25% tariff on all steel and aluminum imports.
**Ukraine’s Metallurgical Sector in Jeopardy**
The White House claims that the previous tariff rate failed to “develop and maintain the rates of capacity production utilization that are necessary for the industries’ sustained health and for projected national defense needs.” Economy Minister Yuliia Svyrydenko, however, stated earlier this year that Ukrainian steel accounts for a small share of the US market and poses no threat to domestic producers.
**Ukrainian Exporters Already Suffering**
The new tariffs further jeopardize Ukraine’s key metallurgical exports. Ukrainian metallurgical products make up 57.9% of the country’s exports to the US, or $503 million out of $869 million. This is already a significant blow to Ukrainian exporters, particularly ArcelorMittal Kryvyi Rih and Interpipe, which are struggling due to the ongoing war.
**Exception for the UK**
The new tariffs will remain at 25% for British imports, according to Bloomberg. Trump defended the move as a way to simplify duties on metals and hinted at retaliatory measures against countries imposing tariffs on American goods.
**Commentary**
This move by President Trump raises concerns about the impact on Ukraine’s economy, already reeling from the effects of war. The doubling of steel and aluminum tariffs will hit Ukrainian exporters hard, particularly those in the metallurgical sector. It remains to be seen how this decision will affect trade relations between the US and Ukraine.
Read More @ {{domain}}
