Goods exports dip 3%, imports 5% in 2023-24

Biden Wants to Increase Tariffs , on Chinese Steel and Aluminum Imports. Speaking from the United Steelworkers union in Pennsylvania on April 17. Speaking from the United Steelworkers union in Pennsylvania on April 17. Biden will call on U.S. Trade Representative Katherine Tai to triple tariffs on Chinese steel and aluminum, NPR reports. . Biden will call on U.S. Trade Representative Katherine Tai to triple tariffs on Chinese steel and aluminum, NPR reports. . Those tariffs are presently at about 7.5%. While these Chinese imports "account for less than 1% of U.S. demand," the country's steel prices are 40% cheaper than America's, NPR reports. . The White House is concerned that this could prompt a surge of exports. . China's policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry, Lael Brainard, Biden's top economic adviser, via NPR. The president understands we must invest in American manufacturing, but we also have to protect those investments and those workers from unfair exports. , Lael Brainard, Biden's top economic adviser, via NPR. The Biden administration also sent officials to Mexico to discuss preventing Chinese steel from entering the U.S. via its southern neighbor. . I want to emphasize our desire to cooperate and partner with Mexico on addressing imports coming in to the North American market as a way of circumventing tariffs, Senior administration official, via NPR. I'm not going to get ahead of the diplomatic conversations that have happened today and that will be happening in the days and weeks to come. , Senior administration official, via NPR. But I think we're hoping to come to a mutually acceptable solution with Mexico, because this is a problem that affects both of our economies, Senior administration official, via NPR. United Steelworkers recently endorsed Biden after he voiced his opposition to a U.S. Steel takeover by Nippon Steel, a Japanese company. . United Steelworkers recently endorsed Biden after he voiced his opposition to a U.S. Steel takeover by Nippon Steel, a Japanese company.