Thursday, May 23, 2024
Today’s News

Biden Demands that Tariffs on Chinese Metals be Tripled.

In his reelection campaign against Donald Trump, who was well-known for his tough trade stance against China, Mr. Biden is endorsing yet another protectionist strategy. According to the White House, the plan was made to shield US employment from “unfair” competition.

China has refuted allegations that it dumps aluminum and steel abroad. Dumping is selling excess goods for extremely low prices in another nation. It frequently destroys the local industry’s own market for that good. During his speech to United Steelworkers union members on Wednesday in Pennsylvania, the president said that Chinese prices were “unfairly low” because the government was providing subsidies to businesses “who don’t need to worry about making a profit.”

They’re lying,” Mr. Biden said. “And we’ve seen the damage here in America.” He said that Chinese imports had lost tens of thousands of steelworker jobs in the early 2000s. We’re not going to let that happen again,” he declared.

The Chinese embassy in the United States declared that it “firmly opposes” Mr. Biden’s proposed actions.

A spokesperson for the US embassy, Liu Pengyu, told the BBC that “many trading partners, including China, are strongly dissatisfied with the US’s frequent use of national security, non-market behavior, overcapacity, and other reasons to impose restrictions and politicize trade issues.”

As an added hope, Mr. Pengyu expressed his hope that China and the US would cooperate “to stop actions that violate international economic and trade rules” and lift the tariffs. On Tuesday, the International Monetary Fund issued a warning stating that inflation could rise uncontrollably and that this type of geopolitical unrest could harm global economic growth.

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Thursday, May 23, 2024

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