The president of the United States, Joe Biden, will propose this Wednesday Drastically raise tariffs on steel and aluminum imports from Chinaaccording to White House officials.
Biden, in a speech from the headquarters of the steel union in Pittsburgh (Pennsylvania) this Wednesday, will indicate to the Director of Foreign Trade, Katherine Tai, that consider increasing current 7.5% tariff up to 25%.
This higher levy would be in addition to a separate 25% tariff on steel and 10% on aluminum imposed by Biden’s predecessor and now presumptive Republican presidential candidate Donald Trump.
Biden, who will visit the Steel Guild headquarters, and Trump are competing for the vote of union workers in Pennsylvania and others key in November’s presidential election.
The Wall Street Journal quoted an unnamed official as saying that the higher tariffs would affect only 0.6% of US steel demand.
But China’s government subsidies and programs mean that its steel prices are 40% lower than US pricesand the Biden administration is concerned that this will lead to a substantial increase in Chinese exports.
During a visit last week to China, Treasury Secretary Janet Yellen expressed U.S. concerns that Chinese government subsidies are creating supply that exceeds demand for “clean energy” products such as solar panels and electric vehicles, pushing prices further down and displacing the competition.
With information from EFE.
Keep reading:
– Joe Biden loses support among African Americans in seven swing states, poll reveals
– Joe Biden already has $192 million in cash available to seek re-election
– Biden campaign rants against guests at upcoming Trump fundraiser