The Biden administration has announced plans for a new import tax targeting Chinese steel and materials.
On a recent trip to Pittsburgh, the President made the announcement that it was titled “New Actions to Protect US Steel and Shipbuilding Industries from China's Unfair Practices.”
Biden wants tariffs to rise on Chinese imports
The President's Office is imposing tariffs to protect American jobs and infrastructure. The proposed tariffs would triple the existing bar imposed on Chinese imports, which could lead to a 25% increase for some materials and an increase for others from 0% or 7.5%.
The American steel trade has historical roots that run as deep and rich as the layers planted in US cities.
The announcement would reaffirm this, saying that “Steel is the backbone of the American economy and a foundation of our national security. American steel fueled the nation's industrialization and helped build a middle class. American-made steel remains critical to our economic and national security.”
The report includes key topics that the current administration hopes will boost the US economy, such as an approach to the Office of the United States Trade Representative (USTR) to “consider tripling the existing 301 tariff on Chinese steel and aluminum.” .
US steel is a $1.7 billion industry, which is not a massive part of the national economy. Still, the hallmarks of the industrial age and America's role in that revolution mean Biden is keen to make sure American steel has a place in the sweeping infrastructure changes his administration is bringing this year.
These include the Infrastructure Act, the CHIPS and Science Act, and the Inflation Reduction Act.
The statement from the Biden administration would also underscore growing concerns that China is promoting unfair trade practices. The announcement would be reserved, saying that “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 are eroding competition”.
Image: Ideograms.
Post President Biden hopes tripling tariffs on China will improve US steel appeared first on Because.