Through the employ of anticompetitive strategies, China’s overwhelming manufacturing output forces many producers out of the global market. Namely, American steel and aluminum producers who are at a disadvantage in scale, undermined by China’s over-capacities and devaluing of precious metals. But that may all change as President Biden has signed off a new round of tariffs on China that may turn the manufacturing competition on its head.
The United Steelworkers (USW) International VP Roxanne Brown joins Executive Editor Brian Sozzi to talk about the pains domestic steel plants and local communities have felt through China’s manufacturing encroachments, as well as the Biden administration’s investments into American industry past these new tariffs.
"President Biden, today, really expanded the [Sanction] 301 tariffs, but on top of that, he has laid across investment policies — not just tariffs — but an investment policy to help domestic industry grow in the future. We’re not talking about a short-term solution, we’re talking about a long-term, generations-long solution," Brown explains.
Brown anticipates steel prices to "level out" in the wake of these tariffs as capacity returns to manufacturing hubs and confidence returns to the US economy: "Hopefully that’s a message a lot of Americans hear. It [the economy] feels strong and we see it across a lot of our sectors where companies want to hire because there is so much work to be done."
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