During a visit to the United Steel Workers union headquarters in Pittsburgh on Wednesday, PresidentJoe Biden outlined the U.S. government’s strategy against what he described as China’s unfair trade practices, particularly in the steel and aluminum sectors.
The speech highlighted the administration’s ongoing investigations and potential policy responses designed to level the playing field for American industries.
Biden detailed the actions the U.S. is considering if these investigations confirm the allegations. “Right now, my U.S. trade representative is investigating trade practices by the Chinese government regarding steel and aluminum,” Biden said.
The president specifically criticized the Chinese government for subsidizing its steel industries to an extent that allows them to offload excess production globally at reduced prices, disrupting market dynamics.
“Because Chinese steel companies produce a lot more steel than China needs, it ends up dumping extra steel on the global markets at unfairly low prices,” he said.
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This dumping strategy, according to Biden, does not adhere to competitive practices but is rather a form of economic manipulation. “They’re not competing. They’re cheating,” Biden said.
Addressing potential U.S. actions and speaking directly to his U.S. Trade Representative Katherine Tai, Biden proposed an increase in tariffs on imported Chinese steel and aluminum. “If that investigation confirms these anti-competitive trade practices, then I’m calling on you to consider tripling the tariff rates for both steel and aluminum imports from China,” he said.
The president also touched on the geopolitical tensions involving China, saying, “This year, we’re standing up for peace and stability across the Taiwan Straits.”
“I made sure that we have the most advanced technologies that we’ve developed and invented, and they can’t be sent to China because it’ll undermine our national security,” Biden added.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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