President Joe Biden has proposed a tripling of the existing tariff rate on some steel and aluminum imports from China. The White House said Biden's proposal aims to protect American jobs and the steel industry from "unfair" competition.
The president is known for his tough trade rules against China, which is allegedly selling steel and aluminum overseas for a very low price, BBC reported.
(Photo : Jeff Swensen/Getty Images)
Joe Biden Looks to Triple Tariff Rate on Some Steel and Aluminum Imports From China
The White House noted that the tariff rate escalation is crucial for preserving the vitality of the American economy and bolstering national security.
The Biden administration attributes the need for tariff adjustments to China's alleged trade malpractices, particularly the dumping of steel and aluminum products in international markets at very low prices, which undermines fair competition and exacerbates emissions-related challenges.
However, China previously denied these allegations and claimed that the US sought to stifle competition through protectionist trade policies.
Joe Biden has directed the US Trade Representative to explore options to triple the existing 7.5% tariff rate on Chinese steel and aluminum under Section 301 of the Trade Expansion Act.
US Anti-Dumping and Countervailing Duties on Steel-Related Products
The US Department of Commerce already imposed more than 30 anti-dumping and countervailing duties on steel-related products. These are tariffs on steel imports priced below fair and competitive value.
The Biden administration's efforts extend beyond increasing tariffs. It also plans to strengthen partnerships with Mexico to prevent China's and other countries' evasion of tariffs on steel and aluminum imported from Mexico into the US.
The US will also investigate unfair trade practices in the Chinese shipbuilding and logistics sectors.
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