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Ukrainian Steel Manufacturers Say They May Exit U.S. Market
(MENAFN) The European Business Association (EBA) announced on Friday that some Ukrainian steel manufacturers might exit the US market after President Donald Trump's decision to impose a fresh 10 percent tariff, which will take effect on April 5, 2025.
"The reinstatement of the 25 percent duty under the Trump administration, coupled with anti-dumping tariffs and the new 10 percent tariff, could be challenging for Ukrainian producers," stated EBA Deputy Director Svitlana Mykhailovska in a conversation with a Ukrainian news agency.
She mentioned that the US market became appealing after the Joe Biden government lifted the 25 percent duty, but the new policy could drive companies out, while redirecting exports to other regions may be tough due to intensifying competition.
The EBA additionally cautioned that if the EU withdraws preferential treatment for Ukrainian manufacturers, the situation could get worse.
"Our business community hopes for agreement in discussions with both US and EU partners to reduce adverse effects," Mykhailovska concluded.
As per the White House, Trump applied the 1977 International Emergency Economic Powers Act to implement the fresh tariff, which notably excludes Russia without further clarification.
"The reinstatement of the 25 percent duty under the Trump administration, coupled with anti-dumping tariffs and the new 10 percent tariff, could be challenging for Ukrainian producers," stated EBA Deputy Director Svitlana Mykhailovska in a conversation with a Ukrainian news agency.
She mentioned that the US market became appealing after the Joe Biden government lifted the 25 percent duty, but the new policy could drive companies out, while redirecting exports to other regions may be tough due to intensifying competition.
The EBA additionally cautioned that if the EU withdraws preferential treatment for Ukrainian manufacturers, the situation could get worse.
"Our business community hopes for agreement in discussions with both US and EU partners to reduce adverse effects," Mykhailovska concluded.
As per the White House, Trump applied the 1977 International Emergency Economic Powers Act to implement the fresh tariff, which notably excludes Russia without further clarification.
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