The Biden administration is considering tariff protections for U.S. steel and aluminum producers, said Jared Bernstein, President Biden’s Council of Economic Advisers chair.
Bernstein made the comments on Monday during an interview with CNBC.
"American steel—which is by the way the cleanest, lowest emission steel in the world—is key to our manufacturing agenda. We have to protect those workers and those investments from unfair exports from China's industrial over-capacity. [We] are considering tripling the steel tariffs on China," said Bernstein.
Bernstein said inflation consequences are being weighed, but the proposed tariffs would be a "targeted intervention."
"The amount of Chinese steel the U.S. imports at present is quite small but given their investment in excess capacity, and particularly the high emissions inherent in their steel, so this intervention is important in a preventative sense."
