Biden Seeks Steep Tariffs Hike on Some Chinese Steel and Aluminum
52 minutes ago
President Joe Biden is looking to triple certain tariffs on imports of steel and aluminum from China, according to reports Wednesday.
The White House is looking to increase tariffs to 25% from 7.5%, as he aims to attract domestic workers ahead of the presidential election later this year. The new levies would be in addition to a separate 25% tariff on steel and a 10% duty on aluminum imposed by the Trump administration.
Chinese exports have surged recently while U.S. Treasury Secretary Janet Yellen has accused Beijing of creating excess capacity and cut-price goods on the back of the country’s strategy of turbocharging manufacturing.
Last month, President Biden voiced concerns about Nippon Steel’s proposed $14 billion all-cash acquisition of U.S. Steel announced in December. U.S. Steel…
