US President Joe Biden wants to increase tariffs, or taxes, on certain steel and aluminum from China. He says it’s to protect American jobs from unfair competition.
Biden made the announcement while speaking to steelworkers in Pennsylvania. He said that China was selling steel and aluminum at very low prices because the Chinese government helps their companies too much, making it hard for American companies to compete.
Biden mentioned that in the early 2000s, many steelworker jobs were lost because of cheap steel from China, and he doesn’t want that to happen again.
However, China is not happy about Biden’s plan. They say it’s unfair and hope the US will change its mind.
The International Monetary Fund, a global financial organization, has warned that this could hurt the world economy and make prices go up.
Biden’s proposal is part of his effort to support American manufacturing. He’s trying to win support from working-class voters, who are important in elections.
Besides raising tariffs, Biden also wants to investigate unfair trade practices in China’s shipbuilding and logistics industries. He’s also against a Japanese company buying a US steel company, saying he thinks American companies should stay American-owned.
These tariffs would apply to certain metal imports from China, and they’re part of a broader effort to change how the US does trade with other countries. Former President Donald Trump also used tariffs, and he promised to be even tougher on trade if he’s re-elected.
