Yahoo Finance President Joe Biden calls for U.S. to triple tariffs on Chinese steel, aluminum imports
April 17 (UPI) -- The White House on Wednesday presented plans to protect U.S. steel from "unfair" Chinese practices including a call to boost tariffs.
President Joe Biden has called for the United States Trade Representative to consider tripling the current average 7.5% tariff on certain steel and aluminum, to prevent U.S. steel prices from being undercut by "artificially low-priced Chinese alternatives produced with higher emissions," the White House said in a statement.
"American workers continue to face unfair competition from Chinese imports of steel and aluminum products, which are among the world's most emissions-intensive," the White House said.
Biden will outline the plans in a speech at the United Steelworkers headquarters in Pittsburgh as part of a three-day trip across Pennsylvania.
The White House said the Commerce Department has already conducted nearly 27 investigations into efforts by countries like China to evade trade rules and engage in other anti-competitive practices.
The administration said it is also addressing the practice of Chinese steel entering the U.S. market by going to Mexico first, essentially cloaking where it was made originally. The White House said cheap China steel not only hurt domestic union workers but hampers the global shipbuilding, maritime and logistic sectors.
Wednesday's announcement comes after Treasury Secretary Janet Yellen visited China where she expressed concerns about "overcapacity" in which a company produces more goods than it can use or sell, which in China's case has led to attempting to offload products such as solar panels and electric vehicles onto the U.S. market.
The new call for Chinese steel tariffs also comes amid Nippon Steel's plan to purchase U.S. Steel, something that is opposed by Biden, union workers and a score of other Democratic and Republican lawmakers.
The Japanese steel company said in December it would buy U.S. Steel for $14.9 billion and would honor the current collective bargaining agreements with unions.
