U.S. President Joe Biden has approved the abolition of duties on steel imports from Ukraine for a period of one year, the White House website has said in a statement.
Abolished is a 25% duty on Ukrainian steel, which was introduced in 2018, when Donald Trump was the president.
The White House statement said that the United States and Ukraine have established close security relations and that Ukrainian steel industry was disrupted by the war unleashed by Russia.
A significant disruption in Ukraine's steel production is expected to reduce the total amount of steel produced in Ukraine, as well as the amount of steel imported into the United States from Ukraine. At the same time, both countries are interested in maintaining this industry as a lifeline until Ukraine recovers.
“In light of the security discussions and the significant disruption to Ukraine's ability to produce steel, I conclude that the current situation in Ukraine is a special case. I have determined to suspend the tariffs for the import of steel products and steel derivatives from Ukraine for a period of one year,” Biden said in the statement.
On May 19, the European Parliament supported a temporary suspension of all import duties from Ukraine to support the country's economy during the war.
In early May, Ukraine and the United Kingdom signed an agreement on the abolition of import duties and tariff quotas in bilateral trade, which will be valid for at least a year.