AISI Applauded US-China Agreement to Reduce Tariffs

SEATTLE (Scrap Monster): The U.S.-China tariff accord was praised by the American Iron and Steel Institute (AISI). After trade talks in Geneva, Switzerland, the two sides decided to significantly reduce tariffs on each other's products for a first three months.

Kevin Dempsey, president and CEO of AISI, emphasized the importance of the deal to the American steel sector in a statement released yesterday, stating that it is critical to the country's economic and national security. The agreement states that by May 14, mutual tariff changes will be enforced. For ninety days, both parties have committed to reducing reciprocal tariffs on one another by 115%.

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Dempsey expressed gratitude to Secretary Bessent, Ambassador Greer, and President Trump for their work in bringing the deal to fruition. He continued by saying that the American steel industry is happy that policies to combat unfair trade practices by China and other nations would continue. It should be mentioned that the new deal would not alter the entire application of the Section 232 steel tariffs or the Section 301 steel tariffs on Chinese steel.

Despite a decline in domestic steel demand, the statement pointed out that China's steel output is still high. Since 2020, China's steel exports have doubled, reaching over 118 million metric tons in the preceding year.