The Biden administration has announced plans for a new import tax on Chinese steel and materials.
During a recent trip to Pittsburgh, the President made the announcement titled “New Actions to Protect the U.S. Steel and Shipbuilding Industry from China’s Unfair Practices.”
Biden wants tariffs on Chinese imports to increase
The President’s office presents tariffs to safeguard American jobs and infrastructure. The proposed tariffs would triple the existing limit imposed on Chinese imports, which could lead to a 25% increase for some materials and a 0% to 7.5% increase for others.
The American steel trade has historical roots as deep and rich as the threads sown in America’s blue-collar cities.
The ad would reaffirm this, stating that “Steel is the backbone of the American economy and a foundation of our national security. American steel fueled the country’s industrialization and helped build the middle class. American-made steel remains critical to our economic and national security.”
The report encompasses key topics that 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 current 301 tariff rate on steel and Chinese aluminium”.
U.S. steel is a $1.7 trillion industry, not a major part of the national economy. However, the hallmarks of the industrial age and the role America played in that revolution mean Biden is keen to ensure that US steel has a place in the sweeping infrastructure changes introduced this year by his administration.
These include the Infrastructure Act, the CHIPS and Science Act, and the Inflation Reduction Act.
The Biden administration’s statement would also highlight growing concerns that China is promoting unfair trade practices. The ad would close, stating that “The Biden-Harris administration recognizes growing concerns that China’s unfair trade practices, including flooding the market with low-market steel, are distorting the global shipbuilding market and eroding competition.”
Image: ideogram.
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