May 09 2022
Washington—Senators Dianne Feinstein (D-Calif.) and Patrick Toomey (R-Pa.) today released a statement commending the Biden administration for lifting the 25 percent tariff on steel imports from Ukraine.
The senators called for this move on April 5 as a way to help Ukraine’s economy recover after the war ends. That letter is available here.
“We’re pleased that the Biden administration has decided to lift the 25 percent tariff on U.S. imports of steel from Ukraine,” the senators said in a joint statement.
“We called for this action last month because reinvigorating trade with Ukraine will have long-term benefits not only for American consumers and manufacturers, but also the well-being and security of the free world as Ukrainians seek to rebuild and reintegrate their economy after the war ends. In addition to the humanitarian assistance and economic aid the United States is providing, this provides the promise of returning Ukraine to a stable economy.
“We thank the administration for lifting this tariff and look forward to other ways Congress can help support Ukraine.”
- Ukraine is the 13th largest steel producer in the world and 80 percent of the steel the country produces is typically exported.
- Steel and related sectors comprise nearly 12 percent of Ukraine's gross domestic product, and the steel industry is a source of employment and income for many Ukrainians.
- Ukraine is experiencing the destruction of large sections of its residential and productive capacity, which has severely disrupted its ability to export. However, when the war ends and Ukraine's economy reopens, Ukraine's steel industry will be an integral part of its economic recovery.