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Steel News May 16, 2024 09:30:30 PM

AISI Welcomed Biden's Directive to Raise Tariffs on Chinese Imports

Paul Ploumis
ScrapMonster Author
The domestic automakers could be easily undercut by the heavily subsidized Chinese EV industry.

AISI Welcomed Biden's Directive to Raise Tariffs on Chinese Imports

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) today welcomed President Joe Biden’s announcement directing the U.S. Trade Representative (USTR) to hike China tariffs.

As per directive, the tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China will be increased. Accordingly, the tariffs on steel products will be increased to 25%. Also, the tariffs on imports of electric vehicles (EVs) will be increased four times to 100%.

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For ages, China has been heavily subsidizing their products, thus pushing local companies to produce very much in excess of what the world could absorb. These products are then dumped into market at unfairly low prices, causing harm to domestic manufacturers of these products in various countries.

In a statement, Kevin Dempsey, President, AISI noted that China continues to be part of widespread unfair trade practices. These acts by China has been causing significant harm to American domestic steel producers as well as major steel-consuming industries such as auto industry. The domestic automakers could be easily undercut by the heavily subsidized Chinese EV industry.

AISI appreciated the commitment shown by the Biden administration in addressing the challenges from China’s market-distorting, unfair trade practices.

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