President Joe Biden spoke in Pittsburgh, the center of the U.S. steel industry, on Wednesday:
- “Ultimately, I want fair competition with China, not conflict. »
- “And we are in a stronger position to win economic competition in the 21st century against China, or elsewhere, because we are investing again in America and in American workers.”
As part of his speech, he called for increased pressure on China’s steel industry. He asks U.S. Trade Representative Katherine Tai to “consider tripling” the existing 7.5% tariff rate on Chinese steel and aluminum. Tai is currently overseeing a review of the tariff rate.
This article was written by Eamonn Sheridan at www.forexlive.com.
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