• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
PoliticsJoe Biden

Biden says US Steel ‘should remain totally American’ and vows to triple China tariffs

By
Chris Megerian
Chris Megerian
,
Will Weissert
Will Weissert
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Chris Megerian
Chris Megerian
,
Will Weissert
Will Weissert
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
April 17, 2024, 5:01 PM ET
Joe Biden smiling
PITTSBURGH, President Joe Biden spoke to members of the United Steel Workers Union on April 17, 2024 in Pittsburgh, Pennsylvania.Jeff Swensen/Getty Images
Add Fortune on Google for similar content.

President Joe Biden promised cheering unionized steelworkers on Wednesday that his administration would block the acquisition of U.S. Steel by a Japanese company and he called for a tripling of tariffs on Chinese steel, seeking to use trade policy to win over working-class votes in Pennsylvania, an election-year battleground.

Recommended Video

Biden said during a visit to the headquarters of the United Steelworkers union that U.S. Steel “has been an iconic American company for more than a century and it should remain totally American.”

“American-owned, American operated by American union steelworkers — the best in the world — and that’s going to happen I promise you,” the Democratic president said.

His administration is reviewing the proposed acquisition by Japan’s Nippon Steel. Biden said last month he would oppose the deal, saying it was “vital for it to remain an American steel company that is domestically owned and operated.”

But in front of a pro-union audience, he went far further. “The backbone of America has a steel spine,” Biden said.

In another move that his administration argues can protect domestic steelworkers, Biden is pushing for the higher tariffs on Chinese steel and aluminum, aiming to insulate American producers from a flood of cheap imports.

While the announcements reflected the intersection of Biden’s international trade policy with his reelection effort, the White House insisted they were more about shielding American manufacturing from unfair trade practices overseas than firing up a union audience.

The current tariff rate is 7.5% for both steel and aluminum but could climb to 22.5%. Biden said he was asking his trade representative to raise the tariffs.

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

“The president understands we must invest in American manufacturing. But we also have to protect those investments and those workers from unfair exports associated with China’s industrial overcapacity,” White House national economic adviser Lael Brainard said.

As Biden was greeted by a small group of steelworkers upon his arrival, one said, “Keep U.S. Steel in America.” Biden responded: “Guaranteed.” And in his speech, the president told the crowd, “It ain’t labor, it’s unions.”

He was on a three-day Pennsylvania swing that began in his childhood hometown of Scranton on Tuesday and will include a visit to Philadelphia on Thursday.

In a brief exchange with reporters before leaving Scranton, Biden was asked about the escalating trade tensions with China and he responded, “No trade war.” Later, at Scranton’s war memorial, Biden crouched down and ran his fingers along the name of one of the fallen — uncle Ambrose J. Finnegan Jr., who died in World War II.

The announcement on steel tariffs was cheered by U.S. steelmakers. Kevin Dempsey, president of the American Iron and Steel Institute, accused China of disrupting “world markets both by subsidizing the production of steel and other products and by dumping those products in the U.S. and other markets.”

The tariff move, however, is largely symbolic.

The U.S. imported roughly $6.1 billion in steel products in the 12 months ending in February 2023, but just 3% of those imports came from China, according to Census Bureau figures. Citing already existing trade barriers, the American Iron and Steel Institute said China last year accounted for just 2.1% of U.S. steel imports, making it America’s seventh-biggest source of foreign steel.

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

Meanwhile, U.S. Trade Representative Katherine Tai announced that her office, acting on a petition from five national labor unions, was investigating China for “targeting the maritime, logistics and shipbuilding sectors for dominance.”

“The allegations reflect what we have already seen across other sectors,” Tai said in a statement.”“The allegations reflect what we have already seen across other sectors,” Tai said in a statement.

The administration has accused China of more broadly distorting markets and eroding competition by unfairly flooding the market with below-market-cost steel.

”China’s policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry,” Brainard said. Referencing China’s economic downturn, she added that Beijing “cannot export its way to recovery.”

Higher tariffs can carry major economic risks, though. Steel and aluminum could become more expensive, possibly increasing the costs of cars, construction materials and other key goods for U.S. consumers.

Inflation has already been a drag on Biden’s political fortunes, and his turn toward protectionism echoes the playbook of his predecessor and opponent in this fall’s election, Republican Donald Trump.

The former president imposed broader tariffs on Chinese goods during his administration and has threatened to increase levies on Chinese goods unless they trade on his preferred terms as he campaigns for a second term. An outside analysis by the consultancy Oxford Economics has suggested that putting in place the tariffs Trump has proposed could hurt the overall U.S. economy.

China produces about half of the world’s steel and is making far more than its domestic market needs. It sells steel on the world market for less than half what U.S.-produced steel costs, administration officials said.

The first step to the higher tariffs is the completion of a review of Chinese trade practices. Once Biden gives the official authorization, there will be a public notice and a comment period.

Treasury Secretary Janet Yellen, during a recent visit to China, warned against oversaturating the market with cheap goods, and said low-cost steel had “decimated industries across the world and in the United States.” The Chinese expressed grave concern over American trade and economic measures that restrict China, according to China’s official news agency. U.S. Secretary of State Anthony Blinken also has an upcoming visit to China.

___

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

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Chris Megerian
See full bioRight Arrow Button Icon
By Will Weissert
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Mark Zandi, Moody's chief economist.
EconomyU.S. economy
‘It’s fair to ask whether it was worth it’: The Iran war has cost Americans $1,000 per household—and that’s a conservative estimate, Mark Zandi says
By Tristan BoveJuly 1, 2026
6 hours ago
Melania Trump NFT earnings surge 28x in 2025 as first lady rakes in nearly $17 million in total earnings, filing shows
PoliticsDonald Trump
Melania Trump NFT earnings surge 28x in 2025 as first lady rakes in nearly $17 million in total earnings, filing shows
By Mia OsmonbekovJuly 1, 2026
7 hours ago
Donald Trump sits at his desk in the Oval Office, smiling and with his hands folded in front of him.
PoliticsDonald Trump
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
8 hours ago
Anthropic CEO Dario Amodei
AIAnthropic
Anthropic’s AI models are back online after a two-week government standoff—settling the company and administration into a fragile truce
By Tristan BoveJuly 1, 2026
8 hours ago
US President Donald Trump during a Presidential memorandum signing in the Oval Office of the White House in Washington, DC, US, on Monday, June 29, 2026.
PoliticsDonald Trump
Inside Trump’s finances: World Cup tickets, a $250,000 golf sculpture, over $1 billion in crypto earnings, and a merch machine
By Eleanor PringleJuly 1, 2026
13 hours ago
senate
CommentaryCongress
One rare bipartisan AI bill is moving through Congress. Here’s why it deserves to pass
By Neil Björkman and Betsy BrewerJuly 1, 2026
14 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
18 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
16 hours ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
12 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.