Biden gets Trumpy on trade

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President Joe Biden has begun the process of hiking US tariffs on Chinese steel and aluminum imported to the United States, borrowing a move from former President Donald Trump. Biden wants to triple the tariff, from 7.5% to 22.5%, claiming that China undercuts market prices by subsidizing its domestic manufacturers. He also plans to prevent China from importing metals through third parties and investigate unfair Chinese practices in the shipbuilding industry. While Trump imposed tariffs on hundreds of billions of dollars of imports during his presidency, Biden's approach is more targeted, focusing on protecting specific sectors of the US economy. The new steel and aluminum tariffs are likely to have a minimal impact, as China only accounts for a small percentage of imported steel and aluminum. Many economists hope that Biden will not make extensive use of tariffs, as they can cause distortions and raise costs for industries. However, protectionism is becoming a political necessity as politicians compete to protect manufacturing jobs. Trump has criticized Biden's approach and has proposed even higher tariffs if he is elected for another term.

#JoeBiden #DonaldTrump #Tariffs #UschinaTrade #Protectionism

https://finance.yahoo.com/news/biden-gets-trumpy-on-trade-210820760.html