Read previewUS President Joe Biden last week called for a tripling of tariffs on Chinese steel and aluminum imports, echoing former President Donald Trump's levies on a range of goods from China.
Biden — who is the frontrunner for the Democratic Party's presidential nominee — said China's steel production was backed by state funds, which enable the commodity to be sold cheaply to the US.
He wants to hike a key tariff on Chinese steel and aluminum from 7.5% to 25%.
AdvertisementHowever, the US isn't a large Chinese steel importer.
AdvertisementLin added that China's steel sector is geared toward meeting domestic demand and doesn't receive any export-oriented subsidies.
Persons:
—, Joe Biden, Donald Trump's, Biden —, Trump, Chim Lee, Biden, Lin Jian, Lin, Janet Yellen, EIU's Lee
Organizations:
Service, Democratic, Business, Bloomberg, Economist Intelligence
Locations:
China, Beijing, Chile, Brazil