Ukraine’s Economy Minister Yuliya Svyrydenko has explained the implications of the new US tariffs for Ukraine. She stated that, “The situation is difficult, but not critical.”
The country will face a general duty of 10%, with no additional higher duty. This is in contrast to the tariffs faced by Moldova (31%) and the EU (20%).
Last year, Ukraine’s exports to the United States totalled $874 million, with $363 million in pig iron and $112 million in pipes. In return, Ukraine imported $3.4 billion worth of goods from the US. Ukrainian duties on American goods are relatively low, with a 10% duty on cars and 0% on coal and oil.
Svyrydenko noted that this situation opens up the possibility for further negotiations. The US statement suggests that negotiations for better terms are a possibility.
“If everything remains as it is, the US’s universal duty will primarily impact small producers. Therefore, we are already working to ensure better conditions for Ukraine,” Svyrydenko said.
The minister also pointed out that Ukraine exports more than 600 different categories of goods to the US, including over 65 products worth more than $1 million each.
“Ukraine has much to offer the United States as a reliable ally and partner. Both our countries will benefit from fair duties,” Svyrydenko concluded.
- US President Donald Trump has signed a decree declaring a national economic emergency to implement new customs policies, which include the application of “reciprocal tariffs” of at least 10%. The 10% universal tariff will take effect on 5 April, while increased duties for countries with which the US has the “largest trade deficit” will be applied starting 9 April.
- China, which, according to the White House, accounts for 67% of the deficit, will pay 34% in return, while the European Union will face a 20% rate. Japan will have a 24% tariff, South Korea 25%, and India 26%.
- Additionally, a 25% duty on car imports has been officially confirmed.