Biden pledges to block acquisition of US Steel by Japan's Nippon Steel

PITTSBURGH (AP) President Joe Biden suggested to enthusiastic union steelworkers Wednesday that his administration would thwart a Japanese company's acquisition of U.S. Steel, and he called for a tripling of tariffs on Chinese steel, seeking to using trade policy to win over working-class votes in the battleground state of Pennsylvania.

The Democratic president's speech comes as Donald Trump, his likely Republican opponent, tries to chart a path back to the White House with tough rhetoric on China and his own high tariff proposals.

During a visit to the United Steelworkers headquarters in Pittsburgh, Biden said US Steel has been an iconic American company for more than a century and must remain fully American.

Administration officials are reviewing Japan's Nippon Steel's proposed acquisition of U.S. Steel, and Biden said last month he would oppose the deal, saying it was vital that it remain a nationally owned and operated American steel company.

But in front of a union audience, he went much further, promising he could block it.

American company, American operated, made up of America's best unionized steelworkers, and it's going to happen, I promise you, he said.

In another move that his administration said could protect domestic steelmakers, Biden also announced he would push for higher tariffs on Chinese steel and aluminum, in an effort to protect U.S. producers from 'a flood of cheap imports.

Biden's steel push reflects the intersection of international trade policy and his re-election efforts, although the White House has insisted it is more about protecting U.S. manufacturing unfair commercial practices abroad than to arouse the interest of a union public.

The current tariff rate is 7.5% for steel and aluminum, but could rise to 25% under Biden's proposal. The president said he was directing his trade representative to request an increase, and that separate tariffs of 10% on aluminum and 25% on steel would also remain in effect.

The United States imported about $6.1 billion worth of steel products in the 12 months ending in February 2023, but only 3% of those imports came from China, according to Census Bureau figures. Citing existing trade barriers, the American Iron and Steel Institute said China accounted for even less than 2.1 percent of U.S. steel imports last year, making it the seventh largest source of steel. foreign steel from the Americas.

However, a senior administration official said there were concerns that China's exports were increasing, making higher tariff levels necessary as a preventative measure.

Liu Pengyu, a spokesperson for the Chinese Embassy in Washington, said the United States keeps making the same mistake by seeking to raise tariffs. In a statement, he also rejected the levies already in place, calling them the embodiment of U.S. unilateralism and protectionism.

Biden insisted that a tougher policy on China was good policy, especially when it comes to preventing the export of advanced technologies that could harm our national security.

He said he had conveyed a similar message to Chinese President Xi Jinping in previous conversations, telling him: “You'll use them for all the wrong reasons, so you won't get these advanced computer chips.”

Biden criticized Trump for not taking such action, saying that for all his tough talk about China, it never occurred to my predecessor to do anything.

The administration also promised to continue investigations against countries and importers that try to saturate existing markets with Chinese steel, and said it was working with Mexico to ensure Chinese companies cannot circumvent tariffs by shipping steel there and then exporting it to the United States.

AP Washington correspondent Sagar Meghani reports that President Biden is imposing significantly higher tariffs on Chinese steel as he appeals to union voters in Pennsylvania.

The President understands that we must invest in American manufacturing. But we must also protect these investments and workers from unfair exports linked to China's industrial overcapacity, said Lael Brainard, White House national economic adviser.

U.S. Trade Representative Katherine Tai also announced Wednesday that her office, acting on a petition from five national unions, was investigating China for targeting the maritime, logistics and shipbuilding industries for of domination.

China's Commerce Ministry responded hours later that the U.S. petition was full of false accusations.

It misinterprets normal trade and investment activities as harmful to national security and the interests of U.S. businesses, the department said in a statement. And he accuses China of being responsible for the United States' own industrial problems, lacking factual basis and going against common economic sense.

China produces about half of the world's steel output and produces far more than its domestic market needs. It sells steel on the global market at less than half the price of steel produced in the United States, senior Biden administration officials said.

The first step toward higher tariffs is completing a review of Chinese trade practices. Once Biden gives formal authorization, there will be a public notice and comment period that could take weeks.

Biden is on a three-day trip to Pennsylvania that began Tuesday in his childhood hometown of Scranton and will include a visit to Philadelphia on Thursday. After ignoring the first two days of Trump's secret trial in New York, Biden made a veiled reference to it on Wednesday, joking that his predecessor was busy at the moment.

Biden's announcement on steel tariffs was welcomed by American steelmakers. Kevin Dempsey, president of the American Iron and Steel Institute, accused China of disrupting global markets both by subsidizing the production of steel and other products, and by dumping those products into the United States and other countries. other markets.

To coincide with this announcement, the Biden campaign released a 60-second ad that will air on Pennsylvania television for the next five days. It features a steelworker, who is also the mayor of a small town, praising the president's economic policies.

Higher tariffs can lead to major economic risks. Steel and aluminum could become more expensive, which could increase the cost of cars, building materials and other essential goods for U.S. consumers. Furthermore, inflation has already taken a toll on Biden's political fortunes, and his shift toward protectionism echoes Trump's scenario.

The former president, who said he would never allow US Steel to be acquired by a foreign company, imposed broader tariffs on Chinese goods during his term and threatened to increase levies on Chinese goods unless they trade on its preferred terms. he is campaigning for another term.

An external analysis by consultancy Oxford Economics suggests that implementing Trump's proposed tariffs could harm the U.S. economy as a whole.

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Weissert reported from Washington. Associated Press writer Josh Boak in Washington contributed to this report.

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