Biden wants to hike tariffs on Chinese steel as U.S. election looms

==========

President Biden plans to unveil new protections for the U.S. steel industry, including tripling the existing 7.5% tariff on Chinese steel and aluminum imports, pressuring Mexico to prevent China from shipping metals to the U.S., and launching an investigation of Chinese subsidies for its shipbuilding industry. The actions are aimed at combating unfair Chinese competition and shoring up Biden's political fortunes in battleground states. The investigation could lead to the imposition of fresh tariffs or other penalties on Chinese vessels. Biden's opponent, former President Trump, is also courting voters with economic nationalism. The mix of tariffs and investigations represents Biden's sharpest actions to date to prevent China from flooding global markets with low-cost goods. China's steel production is equal to roughly half of global demand, and its export prices are about 40% lower than what U.S. steelmakers charge. However, current Chinese imports amount to just 0.6% of total U.S. steel demand. The Biden administration expects the tariffs to have no significant effect since they apply to a limited set of goods.

#Biden #Tariffs #SteelIndustry #China #UsElection

https://www.washingtonpost.com/business/2024/04/17/biden-steel-china-tariff-election/