In a recent address to workers, President Joe Biden declared his intention to triple tariffs on specific steel and aluminum imports from China, citing unfair pricing practices. The move comes as part of Biden's efforts to bolster American industry and address concerns over Chinese overcapacity flooding global markets.

During a campaign speech in Pennsylvania, Biden accused China of subsidizing its steel industry, leading to an oversupply of steel on the global market and driving down prices. He emphasized the detrimental impact on American steelworkers and industries, particularly in regions like Pittsburgh, historically known for their steel production.

The decision to increase tariffs reflects Biden's commitment to protecting American workers from unfair competition and addressing environmental concerns associated with highly emissions-intensive industries. Biden's administration views China's overcapacity as a significant threat to the future of American steel and aluminum industries.

Currently, tariffs on steel and aluminum imports from China stand at 7.5 percent, a rate set during the previous administration of Donald Trump. In addition to tariff increases, the US Trade Representative's Office announced an investigation into Chinese trade practices in sectors such as shipbuilding and logistics, further escalating tensions between the two countries.

The Biden administration has continued Trump's policies of imposing tariffs and export restrictions on China, as well as implementing measures to reduce US reliance on Chinese imports and investments. However, the interconnectedness of the two economies presents challenges in fully decoupling their economic ties.

Meanwhile, European leaders are also advocating for a tougher stance against China's industrial policies. French Finance Minister Bruno Le Maire called for Europe to defend its economic interests against China's subsidized production, emphasizing the need for reciprocity and fair competition.

As discussions continue within the EU about potential sanctions against China, including in industries such as solar and electric vehicles, leaders tread carefully to balance economic interests with the desire to avoid a full-scale trade war. Despite growing concerns over China's trade practices, the path forward remains complex, with various stakeholders navigating the delicate balance between economic cooperation and competition.