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Market
10% increase in U.S. steel production by end of 2024
5
Resolution / Starting Odds
Yes • 50%
No • 50%
Economic reports from the U.S. Department of Commerce or industry analysis reports.
Story
Biden Proposes 15% Tariff, Tripling Rates on Chinese Steel in Election Strategy
Apr 17, 2024, 09:08 AM
U.S. President Joe Biden is advocating for a significant increase in tariffs on Chinese steel and aluminum, proposing to triple the existing rates to a new 15% tariff. This move, part of an election-year resumption of trade policies, is aimed at bolstering the American steel sector and garnering support from union workers in the politically crucial swing state of Pennsylvania. The proposed tariffs, which are being considered as part of a review of Section 301 tariffs, aim to increase the current average tariff rate on certain steel and aluminum products from 7.5% to 25%. Biden's call for higher tariffs comes as he seeks to strengthen his position ahead of the upcoming U.S. election.
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