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.