President Joe Biden and presumptive GOP nominee Donald Trump are now working to one-up each other with various tariff proposals, despite both political parties enthusiastically backing free trade just a few years ago.
The latest came Wednesday, when Biden proposed tripling the import tariff on Chinese steel and aluminum, subject to an investigation by U.S. trade authorities, from 7.5% to 25%.
“Because Chinese steel companies produce a lot more steel than China needs, it ends up dumping the extra steel into the global markets at unfairly low prices,” Biden told a group of union workers in Pittsburgh.
“Chinese steel companies don’t need to worry about making a profit, because the Chinese government is subsidizing them so heavily,” he added. “They’re not competing, they’re cheating. They’re cheating. And we’ve seen the damage here in America.”
With the candidates virtually tied in the latest
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