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US Government triples 7.5% tariff on Chinese aluminium

US Government triples 7.5% tariff on Chinese aluminium

According to a report, United States President Joe Biden has tripled the current 7.5 per cent tariff on Chinese aluminium and steel imports and is putting pressure on Mexico to prevent China from shipping metals to the United States via Mexican ports.
In response to this move, the White House said in a statement, "President Biden knows that steel is the backbone of the American economy. American workers in the steel and aluminium industries face a significant challenge from Chinese exports of steel and aluminium."
Last year, Chinese aluminium and steel exports to the United States were valued at US$1.7 billion. Mining giant Rio Tinto pointed out that China's domestic steel demand stood stagnant in early 2024 and so its exports rose 30 per cent year-on-year during the first two months of the year.
The Biden administration says China's overproduction of aluminium and steel adversely affects America's metal industry.
"China's overcapacity and non-market investments in the steel and aluminium industries mean high-quality US products have to compete with artificially low-priced alternatives produced with higher carbon emissions," the White House said.