US to double duties on imported steel
31 May 04:31
The United States will double duties on imported steel to 50%. This was announced by President Donald Trump at an event in Pittsburgh, Pennsylvania, "Komersant Ukrainian" reports citing CNN.
“We are going to increase steel duties in the United States by 25%, from 25% to 50%,” the Republican said.
Trump added that he was considering a 40% tariff, but industry leaders told him they wanted a 50% tariff.
“At 25%, they can somehow get over that fence. At 50%, no one will get over that fence,” the US president added.
However, it is not yet known when the new duty will take effect.
It is known that U.S. steel imports account for about 1% of global volumes. In 2024, US steel production was 79.5 million tons, while consumption was forecast at 89.2 million tons. The forecast for 2025 is 91 million tons. The main suppliers are Canada, Brazil, Mexico, and South Korea.
Import duties are usually imposed to protect domestic producers from cheap imports – they are paid not by exporters from other countries, but by importers of their own country.
According to customs statistics for 2021, Ukraine exported ferrous metal worth almost $14 billion. This is 81.4% more than in 2020. Ferrous metals accounted for a fifth of Ukraine’s total export revenue for the sale of goods.
