STEEL NEWS

Will the US keep steel tariffs on China in the fight against inflation?

U.S. Commerce Secretary Gina Raimondo said on June 5 that President D. Biden has asked his team to consider removing some of the tariffs on China that D. Trump imposed to combat the current high inflation, Reuters reported.

“We are studying the issue. In fact, the President has asked us on his team to analyze this. And so we are doing this for him, and he will have to make this decision, ”Raimondo said in an interview with CNN.

“There are other products – household goods, bicycles, etc. – and that might make sense.” However, the minister added that the administration had decided to keep some tariffs on steel and aluminum for the time being to protect the US steel industry.

Biden said he was considering lifting some of the tariffs his predecessor imposed on hundreds of billions of dollars of Chinese goods in 2018 and 2019 amid a bitter trade war between the world's two largest economies.

China also argues that tariff cuts will cut US consumer spending.