The agreement somewhat eases import costs as steel prices skyrocket and industries including construction have been left scrounging for supplies. While the deal does not completely remove tariffs, steelmakers say the new quota will address rising prices while still prioritizing domestic producers and addressing an overcapacity of steel in China.
“We appreciate the Biden administration’s continued recognition that the American steel industry is critical to our national and economic security, as well as its commitment to addressing the global steel overcapacity crisis and to combating unfair trade practices in the global steel sector,” Kevin Dempsey, president and CEO of the American Iron and Steel Institute, said in a statement.
