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Blog » Finance » President Biden hopes tripled tariffs on China will improve U.S steel

President Biden hopes tripled tariffs on China will improve U.S steel

President-Biden-hopes-tarrifs-on-China-will-improve-U.S-steel

The Biden Administration has announced plans for a new import tax aimed at Chinese steel and materials.

On a recent trip to Pittsburgh, the President made the announcement that was titled “New Actions to Protect U.S. Steel and Shipbuilding Industry from China’s Unfair Practices.”

Biden wants tariffs to go up on Chinese imports

The White House is tabling tariffs to safeguard American jobs and infrastructure. The proposed tariffs would triple the existing bar set on Chinese imports, which could lead to a 25% increase for some materials and an increase for others from 0% to 7.5%.

The American steel trade has historical roots that run as deep and rich as the seams sown across U.S. blue-collar towns.

The announcement would reaffirm this, saying, “Steel is the backbone of the American economy and a bedrock of our national security. American steel fueled the country’s industrialization and helped build the middle class. American-made steel remains critical for our economic and national security.“

The report spans key topics the current Administration hopes will boost the U.S. economy, such as an approach to the Office of the United States Trade Representative (USTR) to “consider tripling the existing 301 tariff rate on Chinese steel and aluminum.”

U.S. steel is a $1.7bn industry, which is not a massive part of the national economy. However, the hallmarks of the industrial age and America’s part played in that revolution mean Biden is keen on ensuring U.S. steel has a place in the sweeping infrastructure changes brought in by his Administration this year.

These include Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act.

The statement from the Biden Administration would also highlight growing concerns that China is promoting unfair trade practices. The announcement would be bookended, saying, “The Biden-Harris Administration recognizes growing concerns that unfair Chinese trade practices, including flooding the market with below-market-cost steel, are distorting the global shipbuilding market and eroding competition.”

Image: Ideogram.

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