In a White House statement, US president Joe Biden has announced tariff increases on a variety of goods including steel products from Russia worth approximately $2.8 billion to increase the pressure on the country. The modifications will be effective as of April 1, 2023.
Accordingly, the tariffs on certain steel products including pig iron, stainless steel waste and scrap, flat steel products, such as hot rolled plate and corrosion-resistant steel, have been raised to 70 percent.
In addition, the US has imposed a 200 percent tariff on imports of Russian aluminum as of March 10, as well as aluminum products made with metal smelted in Russia, as of April 10.
These measures are designed to target key Russian commodities generating revenue, while reducing the US reliance on Russia.