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Imports of steel from China account for only about 0.6% of total U.S. steel demand, meaning the higher have a dramatic on the U.S. steel market. But administration have hinted that other potential trade moves could target other sectors. The U.S.
taking the in response to overcapac- ity, Treasury Secretary Janet Yellen told Fareed Zakaria recently. In Beijing last week, Yellen said she relayed to Chinese leaders that the U.S. is worried household consumption and business overinvest- pose a risk to workers and in the U.S. and around the world. Yellen pointed to new technologies such as electric vehicles, lithium-ion batteries and solar panels as other areas that China is overproducing.
is now simply too large for the rest of the world to absorb this enor- mous Yellen said, adding that seen this story in regards to steel. a decade ago, massive PRC government support led to below-cost Chinese steel that the global market and decimated industries across the world and in the United States. made clear that President Biden and I will not accept that reality Yellen said. U.S. Trade Representative Katherine Tai will conduct an investigation into trade practices in shipbuilding following a petition by United Steel- workers alleging that China is pursuing aggressive nonmarket policies that have allowed it to dominate the global mar- ket.
Biden, in a speech this week at the United Steelworkers Pittsburgh headquarters, said if the investigation trade prac- then he will advise Tai to triple the rates. push borrows from trade playbook. The Republi- presumptive nominee routinely raised on Chinese goods during his four years in igniting a trade war between the two largest economies. one of the few areas of policy continuity between the Trump admini- stration and Biden in terms of being pretty tough on China in relationship to trade said Allen Carlson, asso- ciate professor of government at Cornell University and an expert on Chinese to me, I think this has probably as much if not more to do with domestic politics than it does to do with some sort of stra- tegic approach to dealing with The price of Chinese steel exports is about lower than the price of U.S. exports.
The higher are designed to provide a level playing against unfair trade and protect American jobs in the steel industry, a Biden administration said. The higher would apply to Chi- nese steel and aluminum imports that subject to a Trump-era still in place on certain steel imports. Because Chinese imports account for less than of steel in the U.S., the White House anticipate an im- pact on which has remained stubborn in recent months. U.S. that come in response to another trade practices are nearing the conclusion of a statutory four-year review.
Any formal action to raise them would follow the review. Amid lingering concerns about Biden has sought to make an economic case to working- class voters who both he and Trump are courting in key Midwest battleground states. On the campaign trail in Penn- sylvania last week, Biden compared his with a-Lago casting the former president as an out-of-touch elitist who wants to cut taxes for the rich and deliver on the manufacturing boom he promised. And Biden is arguing that he, not Trump, is the president who has held China accountable. Biden said his administration is up overca- pacity, revitalizing trade partnerships in the South and supporting peace and security in the Taiwan Straits.
He recounted telling Chinese President Jinping Xi that advanced technologies made in the U.S. be sent to China because will use it for all the wrong undermining U.S. national se- curity. all this tough talk on Bi- den said, never occurred to my pred- ecessor to do any of foreign policy. Yet Biden is seeking to his approach from his predeces- slamming campaign tar- proposals as tar- on all imports from all countries that could badly hurt American Biden said plan would cost the average American family an av- erage of $1,500 a year.
simply get Biden said. not looking for a with China. looking for competition, but fair The U.S. steel industry has been rat- tled by the planned $14.9 billion sale of Pittsburgh-based U.S. Steel an iconic American brand for more than a century to Japanese-based Nippon Steel Corp.
Biden promised that U.S. Steel will re- main American-owned in his remarks in Pittsburgh. going to happen, I promise Biden said. Ahead of the November election, Bi- den is looking to improve Democratic performance with white working-class voters who lack college degrees, who have increasingly moved to the Repub- lican camp in the Trump era. Although several labor unions, in- cluding United Steelworkers, are again backing Biden, many union members have bucked leadership to support Trump in the last two elec- tions.
an election year. And being tough on China is an issue that plays well, actually, with both Republicans and Carlson said. so, Signals sent to China, US working-class voters Joey Garrison USA TODAY President Joe Biden recently announced actions to protect U.S. steel and shipbuilding industries. JEFF IMAGES threat comes as election looms.
