This could be a global trade war: Ministry of Economy of Ukraine on Trump's new tariffs
Kyiv • UNN
New US tariffs could provoke a global trade war. Ukraine needs to maintain free trade agreements, especially with the EU, and possibly start negotiations within the WTO.
New duties of US President Donald Trump may be a truly global trade war, and then Ukraine will very much need to preserve all free trade agreements that exist, primarily with the EU, to protect its markets. Also, the US decision may push for new global negotiations within the World Trade Organization. This opinion was expressed by Deputy Minister of Economy of Ukraine Taras Kachka on the air of the telethon, reports UNN.
This may be a truly global trade war, and then we, as the Ukrainian state, Ukrainian business, will very much need to preserve all those free trade agreements that we have, and primarily with the European Union, in order to protect our markets. This will be important work
He also noted that perhaps the US decision will push for new global negotiations within the World Trade Organization.
Because what Trump says about the difference in tariffs is also hurting Ukraine, because when we joined the World Trade Organization, we joined under the promise of a global review of tariffs within the framework of the Doha Round of negotiations, it failed. Neither the US, nor the EU, China, nor Ukraine achieved their result. Therefore, in fact, many countries are interested in a global round of negotiations within the World Trade Organization. Perhaps now it looks like a very fantastic scenario, but it is possible that this will be the development of the global trade discussion
He believes that today we should really expect a very interesting reorientation of trade, because the highest duties are imposed on countries where the production of products oriented to the United States is located.
This will be especially true for markets such as light industry, i.e. the production of clothing, footwear, home textiles and furniture. We are quite active in these industries, our business is very well developed. Therefore, it is obvious that even Ukrainian companies will start receiving more orders for these products. But this is all hypothetical. Today we see that most countries are thinking about how to properly respond to the US decision
Trump introduced new duties for certain countries: full list02.04.25, 23:46 • 11318 views
Addition
First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko stated that the introduction of US duties for Ukraine in the amount of 10% is not critical, and Kyiv is already working to ensure that the conditions are better.
Svyrydenko told that Ukraine exported $874 million to the US in 2024, of which $363 million was pig iron and another $112 million was pipes. According to her, Ukraine exports more than 600 different categories of goods to the US (very different - even wrenches), of which 65 types of products - for a total of more than $1 million.
US Secretary of State Marco Rubio admitted today that "markets are collapsing" after President Donald Trump's administration introduced large-scale global tariffs, but said they would readjust.