Posted on 16 Nov 2020
President-elect Joe Biden is expected to review the Section 232 tariffs on steel and aluminum that were imposed by President Trump, but he appears likely to adopt a fairly protectionist approach to trade once he takes office.
In May, Biden submitted written answers to questions from United Steelworkers in which he stated that, “Steel dumping, especially from China … is a serious risk to our economy and needs to be addressed.” He pledged that, as president, he would “work to address global overcapacity and ensure that our producers and workers, who produce these products more efficiently and in environmentally conscious ways than countries like China, are successful.”
He offered no specifics about his plans for the Section 232 levies, though.
“The Trump Administration’s actions on steel and aluminum have brought some short-term relief, but done nothing to address the long-term challenges facing these sectors,” Biden wrote. “I intend to protect our national security and to ensure that there is fair trade in steel, aluminum, and other products. I will review the existing 232 tariffs and any other tariffs that have been put in place to ensure our trade policies achieve the goal of supporting workers and growing our middle class, both now and in the long-term.”
His campaign platform, meanwhile, states that he “will focus our allies on addressing overcapacity in industries, ranging from steel and aluminum to fiber optics to shipbuilding and other sectors, and focus on the key contributor to the problem – China’s government.”
Also in the platform, Biden is clear about backing measures that support domestic manufacturers, including Buy America provisions, which, he says, “are critical for the U.S. manufacturing industry.” The platform also states that a Biden administration would “commit to purchasing American steel, cement, concrete, building materials, and equipment, and in the process not only help rebuild our crumbling infrastructure and retrofit our buildings, but position our domestic companies to lead in resilient, sustainable production for the future.”
Courtesy: AIIS
Source:Scrap Monster
