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Market
Response of major U.S. steel producers to tariff increases by end of 2024
5
Resolution / Starting Odds
Increase in domestic production • 25%
Expansion of facilities • 25%
No significant change • 25%
Reduction in workforce due to inefficiencies • 25%
Company press releases and financial statements
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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Increase Production • 33%
Maintain Current Production • 33%
Decrease Production • 34%
Significant increase • 33%
Moderate increase • 34%
No significant change • 33%
Increase over 15% • 25%
Increase 5-15% • 25%
No significant change • 25%
Decrease • 25%
Increase investment in domestic EV production • 33%
Form new alliances with non-Chinese EV part suppliers • 33%
No significant change in strategy • 34%
Increase in approval • 33%
Decrease in approval • 33%
No significant change • 34%
Strongly positive • 25%
Moderately positive • 25%
Neutral • 25%
Negative • 25%
Decrease in prices • 33%
No significant change • 33%
Increase in prices • 34%
Retaliatory tariffs • 33%
Negotiations for tariff reductions • 33%
No significant response • 34%