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Market
Impact of new tariffs on U.S. steel prices by end of 2024
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Resolution / Starting Odds
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U.S. Department of Commerce and market price reports
Story
Biden Proposes Tripling Chinese Steel, Aluminum Tariffs in Pittsburgh
Apr 17, 2024, 09:09 AM
U.S. President Joe Biden is set to advocate for a significant increase in tariffs on Chinese steel and aluminum, proposing a tripling of the current rates from an average of 7.5% under Section 301. This policy move, announced during his visit to Pittsburgh in an election year, aims to bolster the American steel industry and secure union support in the crucial swing state of Pennsylvania. The proposed tariffs, part of a broader trade strategy, are intended to protect U.S. producers from the influx of cheaper foreign imports. The administration is also considering a new 25% tariff on specific Chinese steel and aluminum products and has initiated a formal Section 301 probe into China's shipbuilding industry.
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