The Biden administration announced a new round of tariffs on imports of steel and aluminum from mainland China, including a more than three-fold increase in the Section 301 tariff rate for Chinese steel imports.

Chinese steel exports are roughly 10% of the world’s production, leading to a challenge for other markets to absorb its surging exports. This will likely lead to other countries imposing their own safeguards and protections in line with their own domestic industrial goals.

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