UPDATED 16:55 PT – Wednesday, June 9, 2021
Joe Biden is expected to reverse U.S. tariffs on steel and aluminum imports imposed by the Trump administration. Bloomberg has reported that Biden will commit to raising tariffs during its meeting with European leaders next week.
President Trump passed tariffs to stop US dependence on foreign metals, which a government check found would be a national security threat. It was very worrying that becoming dependent on imported steel and aluminum would allow other countries to use their metal production to regulate US policy.
The European Union opposed many of the US tariffs adopted by the Trump administration, which has led many to expect their push for Biden to agree to relieve them.
Meanwhile, U.S. steel industry groups have urged Biden not to drop the tariffs credited for creating thousands of jobs. A recent report from the left-wing Economic Policy Institute shows that tariffs led to increased production, employment and capital investment from domestic producers.