Biden vows to intensify tariffs on Chinese steel and block Nippon deal
President of the USA, Joe Biden, called on his administration to triple the tariffs on Chinese steel and aluminium in response to dumping these products on the American market. He promised that he would not allow the planned acquisition of US Steel by its Japanese competitor, Nippon Steel.
18 April 2024 10:03
Addressing steel industry union members during a visit to Pittsburgh, Biden accused China of engaging in unfair trade practices and subsidizing excessive steel production in Chinese plants, which is then exported to Western markets at prices considered dumping.
"The U.S. Trade Representative (Katherine Tai) is investigating the Chinese government's trade practices concerning steel and aluminium. If these unfair practices are confirmed, I will call on her to triple the tariffs on steel and aluminium imports from China," he announced.
This step would mark another imposition of tariffs on goods from China after then-President Donald Trump imposed 25 per cent tariffs on steel and 10 per cent on aluminium in 2018. Biden has maintained these tariffs despite pressure from some business sectors to lower trade barriers. Asked before his visit to Pittsburgh about the risk of triggering a trade war with China, the president simply stated that it would not lead to war.
Biden: I will not allow the company to be taken over
During his time in Pittsburgh, home to the largest American steel company, US Steel, Biden reiterated his promise that, in keeping with the expectations of union members, he would block the company's planned takeover by Japanese-based Nippon Steel. As he noted, it is an "iconic company" boasting a history of over a century, which should remain under American ownership with American union workers.
Biden's speech is seen as an attempt to win over a crucial electorate in Pennsylvania, one of the key states poised to influence the outcome of the presidential elections in November.
