President Joe Biden promised cheering unionized steelworkers on Wednesday that his administration would block the acquisition of U.S. Steel by a Japanese company and he called for a tripling of tariffs on Chinese steel, seeking to use trade policy to win over working-class votes in Pennsylvania, an election-year battleground.“American-owned, American operated by American union steelworkers — the best in the world — and that’s going to happen I promise you,” the Democratic president said.
”The tariff move, however, is largely symbolic.The U.S. imported roughly $6.1 billion in steel products in the 12 months ending in February 2023, but just 3% of those imports came from China, according to Census Bureau figures. Citing already existing trade barriers, the American Iron and Steel Institute said China last year accounted for just 2.1% of U.S. steel imports, making it America’s seventh-biggest source of foreign steel.
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Biden promises to keep US Steel a ‘totally American company’ amid review of Japanese takeover planPresident Joe Biden is promising to block the acquisition of U.S. Steel by a Japan company, saying it “should remain a totally American company. American-owned, American operated.”
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