Biden calls for tripling tariffs on Chinese metals

(Patria) - US President Joe Biden has called for tripling tariffs on some steel and aluminum from China. This is the latest protectionist policy adopted by Biden as he campaigns for re-election against Donald Trump, who is known for his tough trade stance towards China. The White House said the goal is to protect US jobs from "unfair" competition, the BBC reported.

China has previously denied claims of dumping steel and aluminum prices abroad. Dumping involves selling surplus products in another country at a very low price and can often decimate that market and local industries.

Addressing members of the United Steelworkers union in Pennsylvania, Biden said Chinese prices are "unfairly low" because the government subsidizes companies "that don't have to worry about making a profit".

"They're cheating," Biden said. "And we've seen the damage here in America." He said tens of thousands of steelworker jobs were lost in the early 2000s due to Chinese imports.

"We will not let that happen again," he said.

The Chinese Embassy in the US said it "firmly opposes" the measures proposed by Biden. The International Monetary Fund warned on Tuesday that this type of geopolitical tension risks damaging global economic growth and pushing inflation in the wrong direction.

The White House denied that tariffs, which would raise the key border tax rate from an average of 7.5% to 25% on a small portion of imports, would raise prices in the US.

Biden discussed the proposal and other efforts to benefit manufacturing at a campaign rally in Pittsburgh, a key base for the US steel industry. He and Trump are competing for the support of working-class voters, who could be a decisive voting bloc in the November elections.

In addition to tariffs, the White House said it would launch an investigation into unfair trade practices in China's shipbuilding and logistics sector, acting on a request from the US steelworkers union and others. The White House said it is also advocating for action against Chinese firms seeking to avoid US border taxes by shipping through Mexico.

Biden also spoke out against the proposed takeover of US Steel by Japanese company Nippon Steel, saying he believes the business should remain under American ownership.