total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

Biden plans new 15% tariff on Chinese steel in election-year resumption of Trump trade war

WASHINGTON – President Biden is expected to announce plans Wednesday to impose new 15% tariffs on Chinese steel and aluminum during a voting campaign in Pittsburgh, ending former President Donald Trump’s three-year trade war with China. It will resume after a lull.

Biden administration officials announced the move at a news conference with reporters, saying China was poised to flood the U.S. market with cheap steel and aluminum, squeezing U.S. manufacturing.

“China’s policy-driven excess capacity poses serious risks to the future of the U.S. steel and aluminum industry,” one official said.

President Biden is expected to announce plans to impose 15% tariffs on Chinese steel. Reuters/Elizabeth Franz

“In manufacturing industries like steel, China already produces more than China or the world can easily absorb. Chinese subsidies and other forms of support are driving exports at artificially low prices. It is flooding the global market and eroding the value of American steel.”

Biden is keeping most of President Trump’s tariffs in place ahead of an impending election rematch in November. These include President Trump’s 25% tariffs on steel and 10% tariffs on aluminum for most countries, which were imposed in 2018 under Section 232 of the Trade Expansion Act of 1962. .

President Trump imposed additional tariffs on China under an authority known as Section 301. Under the Biden administration, tariffs ranging from 7.5% to 25% remain in place on a range of Chinese products that make up about $362 billion in annual imports. More than half of the total volume From China.

The former president’s escalation with China was part of his plan to force a new grand trade deal to improve the US position, but it comes just two months after President Trump and Beijing agreed on a trade deal. The agreement stalled in March 2020 when the coronavirus pandemic broke out. “Phase 1” Bunch of reforms.

Biden is expected to make the announcement during a campaign stop in Pittsburgh. Photo credit: STR/AFP via Getty Images

Mr. Biden’s plan for additional sanctions on Chinese metals has struggled to win votes in Pennsylvania, a steel-producing state that Mr. Trump narrowly won in 2016 by pledging to change trade relations to benefit the domestic industry. It surfaced in the middle of the day.

The state is expected to be one of the few states this year to tip the balance between Trump and Biden.

Republicans are pushing back on a range of issues, including halting exports of synthetic opioids such as fentanyl, which have killed more than 200,000 Americans since Biden took office, as Biden ramps up efforts to tackle non-opioid drugs and fake prescriptions. has criticized the country for being too soft on China.

The new tariffs are a continuation of former President Donald Trump’s trade war with China. Photo by SAUL LOEB/AFP, via Getty Images

Biden’s additional 15% Section 301 tariffs on Chinese steel and aluminum will be implemented after a formal review of Trump administration-era tariffs.

“The current average tariff on steel and aluminum is 7.5% under Section 301,” the White House said in a fact sheet, adding that Biden “is asking the United States to do so.” [Trade Representative Katherine Tai] We will consider tripling existing 301 tariffs on Chinese steel and aluminum.”

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp