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US Steel Groups and Union Urge Biden to Keep Trump's Steel Tariffs; Biden's Stance Unclear
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2021-01-14
     The U.S. steelmakers and union groups called on president-elect Biden to keep in place Trump's steel tariffs which they claimed to be critical in the survival of the American steel industry. They said cancelling or reducing the tariffs will lead to drastic steel import. The American steel industry has been calling for the last few months on the incoming regime to work with trade partners to force China to cut overcapacity which is pulling down global steel prices.

     The COVID virus caused a setback in the recovery of the steel industry and a significant drop in the demand last spring. Steelmakers either had to reduce production, or shut down and lay off employees. OECD expected excess production by the global steel industry to increase 700 million tons in 2020. Despite the global steel demand is decreasing due to the virus, China, Vietnam and Turkey continue to increase steel capacity. However, Biden has yet to reveal how he will handle the steel and aluminum tariffs.
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