Economic reports from the U.S. Department of Commerce or major financial news outlets.

Biden Proposes Tripling Chinese Steel, Aluminum Tariffs to 25%, Amid Criticism

Apr 19, 2024, 10:05 PM

President Biden has proposed a significant increase in tariffs on Chinese steel and aluminum, potentially tripling the existing rates to 25%. This move echoes the trade policies of his predecessor, President Trump, despite Biden's previous criticisms. The proposal follows Biden's address to the United Steelworkers union in Pittsburgh, where he pledged to prioritize raising tariffs, aligning with one of the union's top priorities. Additionally, the U.S. Trade Representative has initiated an investigation into China's shipbuilding industry. Critics argue that both Trump and Biden have adopted trade policies focused more on U.S. advantage, disregarding broader trade rules and potentially harming international trade relations. The Chinese Embassy has condemned the proposed tariffs, labeling them as unilateral and protectionist. Despite this, the White House denies any political motives behind these actions, and Biden has raised more money from tariffs than Trump did.