Lien Thanh April 19, 2024
With the collapse of China’s real estate industry, demand for domestic steel products has plummeted. Chinese steel companies are forced to reduce prices and dump prices in foreign markets. This has affected many different countries.
The United States and some Latin American countries have called for additional tariffs on steel products from China. Mr. Joe Biden has called for the United States to triple existing tariffs on Chinese steel and aluminum products.
At present, according to “Section 301” of US trade law, the average tariff on Chinese steel and aluminum is 7.5%.
On April 17, the Biden administration announced the latest measures to protect the steel industry from Chinese steel dumping. Mr. Biden also called for increasing import tariffs on Chinese steel and aluminum to three times the current level.
In addition, the US Trade Representative office also said it would investigate China’s unfair practices in the field of shipbuilding, etc.
According to a White House statement, Mr. Biden said that steel is the backbone of the US economy and the foundation of national security. U.S. steel and aluminum workers currently face significant challenges from steel and aluminum exports from China.
China’s overcapacity and dumping force American products to compete with lower-priced alternatives.
The statement from the US Government said that it recognizes that Chinese companies’ unfair trade practices, including below-market steel prices, distort the global shipbuilding market and weaken competitiveness.
Since Mr. Biden took office as President, the US Department of Commerce has imposed more than 30 anti-dumping and anti-subsidy taxes on steel-related products.
The ministry has also conducted nearly 27 investigations against Chinese exporters for violating fair competition and against China and other countries. circumvent trade investigation laws.
In addition, Mr. Biden also directed high-level government teams to cooperate with Mexico to prevent steel and aluminum produced in China from entering the United States through the Mexican gateway and thereby committing tax evasion.
The Office of the United States Trade Representative said it is also currently investigating China’s unfair trade practices in shipbuilding, shipping and logistics.
US Treasury Secretary Janet Yellen, who just concluded her visit to China on April 9, said one of her biggest tasks on this trip was dialogue with Communist Party economic officials. China on the problem of China’s industrial overcapacity.
Ms. Yellen said that the United States will not tolerate the CCP’s unlimited export of production capacity because this will affect the existence of industries around the world.
In fact, not only the US but also European countries and even some developing countries are worried about China’s overcapacity problem.
Ms. Yellen also mentioned that the large-scale support of the Chinese Communist government has caused cheap Chinese steel and aluminum to flood the global market, causing serious damage to industries worldwide. world and in the United States.
Newsessentials Blog 
Posted on April 26, 2024
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