US President Joe Biden wants to triple the existing 7.5% tariffs on Chinese steel and aluminum products because, in his opinion, Chinese steel producers export their surplus steel products to world markets at unfair and low prices and the government allows them to operate carefree with high subsidies.
He also mentioned working with Mexico to prevent the circumvention of tariffs by Chinese steel and aluminum suppliers who sell their products to America indirectly through Mexico. Also last Wednesday, the Biden administration launched an investigation into Chinese trade practices in shipbuilding, shipping and logistics that could lead to additional tariffs.
According to Foulad Iran, in a swift reaction to this news, the Chinese Ministry of Commerce expressed its strong dissatisfaction and firm opposition to the launch of the new American investigation on the same day.
It is worth mentioning that in 2023, China exported approximately 845,000 tons of steel to the US, which accounted for only 0.94% of China's total steel exports last year, while its aluminum exports to the US totaled 690,890 tons, indicating 8.1% of its total exports.
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