Pres. Joe Biden Suspends Steel Tariffs on Ukraine to Help Boost the Country's Economy Amid War With Russia

The administration of President Joe Biden is suspending the 25 percent tariffs on steel imports from Ukraine to help bolster the country's economy amid its war with Russia.

According to CBS News, the U.S. Department of Commerce announced Monday that the suspension will last for one year.

According to CNN, the move came after Ukrainian Prime Minister Denys Shmyhal asked the U.S. to lift the said tariffs during his meetings at the White House in April. Some members of Congress have also been urging the administration to lift the said tariffs.

"For steel mills to continue as an economic lifeline for the people of Ukraine, they must be able to export their steel," said Commerce Secretary Gina Raimondo.

Raimondo added that the announcement was a signal to the Ukrainian people that the U.S. is committed to helping them thrive in the face of Russia's aggression and "that their work will create a stronger Ukraine."

In recent weeks, a steel plant in Mariupol became a focal point in the war. The Azovstal plant is one of the largest steel rolling companies in Ukraine, and it has been under intense attack by the Russian military for weeks.

Raimondo noted that people could not only admire the fortitude and spirit of Ukrainians, adding that Ukrainian steelworkers should be supported, according to the Daily Mail.

U.S. Suspends Steel Tariffs on Ukraine

According to the Commerce Department, Ukraine's steel industry employs 1 in 13 people, and many steel mills have continued to pay, feed, and even shelter their employees in the middle of the country's war with Russia.

In 2018, the Trump administration imposed 25 percent tariffs on steel and 10 percent tariffs on aluminum in a bid to support those industries.

However, the move was rebuked by U.S. manufacturers of these products at the time, saying it would cost jobs and increase consumer prices.

Since President Joe Biden took office last year, his administration has methodically rolled back some tariffs imposed under the Trump administration. Reports claimed that Biden did this to strengthen the ties of the United States with its allies.

Joe Biden Introduces New Sanctions Targeting Russian Companies

The announcement by the Commerce Department came a day after the White House announced a new package of sanctions against Russia.

Under the new package of sanctions, the Biden administration will prevent Russian companies and citizens from using U.S. accounting, marketing, and consulting services.

The new sanctions also include new visa restrictions on 2,600 Russian and Belarusian officials. Russian bank executives, including 27 Gazprombank executives, will also be impacted by the package. The new sanction will also affect some television networks in Russia.

"Today's actions are a continuation of the systematic and methodical removal of Russia from the global financial and economic system," a senior Biden administration official said on Sunday.

This article is owned by Latin Post.

Written by: Joshua Summers

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