Even as supply lines strain, Biden is in no rush to scrap Trump's steel tariffs
LEESPORT, Pa, — Charles Bernard is paying hundreds of thousands of dollars each year in tariffs on imported steel. But as the Biden administration weighs the fate of the three-year-old import taxes imposed by then-President Trump, Bernard, the president of Eagle Metals, is in no hurry to see them removed.
Eliminating the tariffs would help his bottom line while exposing the U.S. steel industry to savage competition from cheap foreign metal. State-backed mills in China are flooding the global market with so much subsidized steel that American producers say they can not compete without government protection.
“It’s not great for us. The tariffs were a blunt instrument,” said Bernard, 64, one of their customers. “But we need a domestic steel industry.”
The Biden administration is embracing that bargain, accepting market distortions as the price of defending U.S. steel manufacturers against subsidized foreign rivals -- even as some executives warn of risks to the president’s planned infrastructure overhaul.
https://www.msn.com/en-us/news/us/even-as-supply-lines-strain-biden-is-in-no-rush-to-scrap-trumps-steel-tariffs/ar-BB1fKM5D?
