US President Joe Biden has unveiled a bold plan to triple tariffs on steel from China, aiming to safeguard American producers from an influx of low-cost imports, according to AP on Wednesday.
The announcement will be made later on Wednesday in Pennsylvania, a key battleground state. The move aims to shield American manufacturing from unfair trade practices rather than just appeal to a union audience.
Biden plans to increase tariffs on Chinese steel and aluminium from the current 7.5 per cent. The administration will also investigate anti-dumping practices and work with Mexico to prevent circumvention of tariffs.
The goal is to support American manufacturing and workers while addressing China’s industrial overcapacity.
The administration argues that China distorts markets by flooding them with low-cost steel, posing a threat to the US steel and aluminium industry.
Biden’s approach is strategic and balanced, unlike Trump’s broader tariffs, to avoid negative economic impacts.
The administration aims to compete with China in key industries while addressing concerns about oversaturation of markets with cheap goods.
The proposed tariff increase aligns with Biden’s focus on protecting American industries and workers, emphasising fair trade practices and economic competitiveness.
