Chamber Asks Congress to Roll Back Tariffs on Ukrainian Goods
The U.K. has removed tariffs on Ukrainian goods, and the EU is considering doing the same, including suspending antidumping and safeguard measures against Ukranian steel. The U.S. should follow suit, Mary Kate Carter, U.S. Chamber of Commerce coordinator for international policy, wrote May 2. Ukraine exported $1.9 billion in goods to the U.S. last year, and almost half was pig iron, which is already tariff-free. But sunflower oil, another major export from Ukraine to the U.S., does face duties. The U.S. is a small market for Ukraine, representing less than 3% of its exports, she said.
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The World Bank estimates that the Ukrainian economy will contract by 45% because of the Russian invasion. "An AmCham Ukraine survey found that only 41% of its member companies are fully operational. However, 50% continue to work partially, 29% have relocated within the country, and 19% have relocated outside Ukraine for the time being -- showing their resilience," Carter wrote. "Considering the magnitude of this disruption, tariff removal would have a minor effect at best. However, it would demonstrate a U.S. commitment to take every step within its means to aid Ukraine in what is sure to be a long and arduous recovery."
The Democratic and Republican leaders of the House Ways and Means Committee, where any such legislation would need to originate, are interested in the idea (see 2204290039 and 2204270059).