Steel

President Biden moves to triple tariffs on Chinese steel and aluminum

President Joe Biden speaks during a campaign event at the Scranton Cultural Center at the Masonic Temple in Scranton, Pennsylvania, on April 16, 2024.

WASHINGTON ― President Joe Biden is moving to triple the rates of tariffs on steel and aluminum from China amid pressure from labor unions concerned about the survival of the U.S. steel industry as Chinese exports flood the global markets.

Biden, during an address Wednesday to the United Steelworkers union in Pittsburgh, will announce he’s calling on his United States Trade Representative, Katherine Tai, to consider tripling the existing 7.5% average tariff rate on Chinese steel and aluminum under Section 301 of the Trade Expansion Act, according to the White House.

With the move, Biden is borrowing from the trade playbook of former President Donald Trump, the Republican presumptive nominee, who routinely raised tariffs on Chinese goods during his four years in office.


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button