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Increase in U.S. steel production following tariff hike in 2024?
5
Resolution / Starting Odds
Yes • 50%
No • 50%
U.S. Department of Commerce or industry reports
Story
Biden Seeks 25% Tariff, Tripling 301 Rate on Chinese Steel, Aluminum
Apr 17, 2024, 11:48 AM
President Joe Biden is advocating for a significant increase in tariffs on Chinese steel and aluminum, aiming to triple the existing 301 tariff rate from 7.5% to 25% as part of a broader strategy to bolster the U.S. steel industry and garner union support in the swing state of Pennsylvania. This move, announced during his visit to Pittsburgh, is seen as a key element in his economic policy ahead of the upcoming elections. The proposed tariffs would significantly impact over $1 billion worth of Chinese steel and aluminum imports.
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