The White House says China uses subsidies and government programs to undercut U.S. steel. President Biden wants to triple tariffs on the imports and take other new steps to curb imports.
President Biden speaks during a campaign event in Scranton, Penn, on April 16 during the first of three days in the battleground state.President Biden speaks during a campaign event in Scranton, Penn, on April 16 during the first of three days in the battleground state.
Chinese steel imports account for less than 1% of U.S. demand, officials told reporters. But Chinese subsidies and programs mean its steel prices are 40% lower than U.S. prices, and the Biden administration is worried that there could be a surge of exports."China's policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry," said Lael Brainard, Biden's top economic adviser.
Biden also sent a team of officials to Mexico to talk about preventing Chinese steel from making its way into the United States under preferential rates given to Mexico."I want to emphasize our desire to cooperate and partner with Mexico on addressing imports coming in to the North American market as a way of circumventing tariffs," a senior administration official told reporters.
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