ICYMI – US President Biden calls for a tripling of tariffs on Chinese steel

President Joe Biden spoke in Pittsburgh, the centre of the American steel industry, on Wednesday:

• “The bottom line is I want fair competition with China, not conflict,”
• “And we’re in a stronger position to win the economic competition in the 21st century against China, or anywhere else, because we’re investing in America and American workers again.”

As part of his remarks he called for increased pressure on the Chinese steel industry. He’s asking US Trade Representative Katherine Tai to “consider tripling” the existing 7.5% tariff rate on Chinese steel and aluminum. Tai is overseeing a review of the tariff rate at present.

This article was written by Eamonn Sheridan at www.forexlive.com.