US Complains China Hurts Shipbuilding, Steel Firms

(MENAFN- Asia Times) The Biden administration has unveiled a series of new measures to try to protect the United States' shipbuilding and steel industries from being eroded by Chinese overcapacity and non-market investments.

One of the measures is a newly-initiated investigation , under section 301 of the Trade Act, of China's maritime, logistics and shipbuilding sectors. Another, still at the potential stage, would be a hike of the current 7.5% tariff rate on Chinese steel and aluminum imports.

These moves are contrary to the previous approach of US President Joe Biden, who had in 2018-2019 criticized then President Donald Trump for imposing an extra 25% tariff on Chinese manufacturing goods.

At that time, Trump accused China of having stolen millions of US jobs by manipulating its currency. Biden said then that extra tariffs would only cause losses for American farmers, manufacturers and consumers by making them pay more.

After he took office in January 2021, however, Biden did not cancel the additional tariffs.

'Growing concerns'

“China's overcapacity and non-market investments in the steel and aluminum industries mean high-quality US products have to compete with artificially low-priced alternatives produced with higher carbon emissions,” the Biden administration said in a statement published on Wednesday.

The administration said it recognizes growing concerns that unfair Chinese trade practices, including flooding the market with below-market-cost steel, are distorting the global shipbuilding market and eroding competition.


Asia Times

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