POLITICS: US President Joe Biden states, today, that his administration has taken steps to impose excessive tariffs on China to protect the United States steel and shipping industry from China's unfair practices. The plan, in regard to China tariffs imposed by the Biden administration, is meant to, possibly, increase tariffs on China imports to the US that would raise the current tariff to nearly 300%? By Michelle Crawford-Sapenter
President Joe Biden has announced plans for a new 15% tariff on Chinese steel and aluminum as part of his efforts to protect the American steel and aluminum industry.
This move comes after a three-year lull in the trade war with China that resulted in major increases in tariffs on Chinese imports to the US.
The Biden administration aims to address China’s policy-driven overcapacity, which poses a serious risk to the future of American steel and aluminum manufacturing. The current average tariff on steel and aluminum under Section 301 is 7.5%, but Biden is calling for consideration to triple the existing tariff rate on Chinese steel and aluminum.
While the planned increase of 3 times the current tariff on Chinese imports has been stated by the Biden administration, the high adjustment in the current tariff reflects the administration’s commitment to addressing trade imbalances and protecting domestic industries. As plans by include establishing an auto manufacturing factory in Mexico, the potential for imports of Chinese-Mexico vehicles in regions near and surrounding the US increase in possibility. Today, the Biden administration, now, takes steps to protect the US public from import taxes that would tend to unfairly impose upon US tax payers.
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