The United States Secretary of Commerce Gina Raimondo announced that the U.S. has temporarily suspended 232 tariffs on Ukrainian steel for one year. Ukraine’s steel industry is uniquely vital to the country’s economic strength, employing 1 in 13 Ukrainians with good-paying jobs. The thought behind this move is that creating export opportunities for Ukrainian steel mills is essential to the country’s ability to continue employing their workers and maintaining one of Ukraine’s most important industries.
Since Russia invaded Ukraine on February 24th, the Department of Commerce has launched a series of new export control restrictions on Russia in partnership with three dozen allies. These restrictions have severely impacted Russia’s ability to sustain its aggression.
You can read the full article here: https://www.commerce.gov/news/press-releases/2022/05/raimondo-announces-temporary-suspension-232-tariffs-ukraine-steel
If you have any questions about the tariff changes, the Logistics Plus Customs and Compliance team is here to help.