Trump Implements Tariffs: Impact on Ukrainian Exports
The tariffs imposed by U.S. President Donald Trump do not pose a catastrophe for Ukraine. This was stated by Ukrainian MP Yaroslav Zheleznyak on his Telegram channel. According to him, “Regarding Trump’s tariffs. How will this affect Ukraine? Briefly and succinctly: not significantly. Our exports there don’t even reach a billion and account for only 2% of all that we export anywhere.”
This is reported by AgroReview
The MP also noted that “The U.S. imports from us nearly 3 billion, which is five times more. Therefore, we received a ‘light’ tariff of only 10%. Most of our exports were metallurgical products, but there has already been a 25% tariff on steel and aluminum for us since March. There are also pipes, but there is already a tariff plus anti-dumping measures there as well.” He added that a third of the exports consist of agricultural and food products, for which tariffs were also expected to be introduced in April.
Consequences for the Ukrainian Market
According to Zheleznyak, “it’s not a catastrophe, especially when conditions are worse for others (our tariff of 10% is not 54% like in China). Here’s a small nuance: now the EU, China, India, and other countries will also impose tariffs on U.S. products in response, and this opens a window of opportunity for us to enter their market.”
Earlier, Trump announced the introduction of tariffs on products from most countries around the world, imposing at least a 10% tariff on most imported goods. Tariffs vary by country: 20% for EU countries, 46% for Vietnam, 32% for Taiwan, 24% for Japan, 25% for South Korea, and so on.
Introduction of New Tariffs
It is worth noting that new tariffs have not been introduced for Russia and Belarus, as goods from these countries are not supplied to the U.S. market. The new tariff for Ukraine will be 10%, which is the minimum base rate, similar to goods from Australia, the United Kingdom, Brazil, and other countries. These customs rates will take effect on April 9, 2024.
From April 5, all importing countries will pay the minimum base tariff, and the 10% rate will be added to the existing tariffs on goods from specific countries. For China, the total tariff will be 44%, and for the EU, it will be 30%. Additionally, the U.S. has imposed a 25% tariff on imported cars and parts, which has already come into effect.
The U.S. Department of Commerce plans to develop a procedure within 90 days to expand the list of taxable goods, which includes passenger and freight vehicles, as well as dozens of types of parts.