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Central NY April 17, 2024 3:20PM HT
54° Syracuse, NY EDIT
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STATE OF POLITICS
UPSTATE MILLS WOULD SEE IMPACT FROM PROPOSED TARIFF INCREASE ON CHINA
By Ryan Whalen Syracuse
PUBLISHED 7:28 PM ET Apr. 17, 2024 PUBLISHED 7:28 PM EDT Apr. 17, 2024
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Crucible Industries is a Central New York-based steel company.
President John Shiesley said because the company makes highly specialized
products, it competes directly with Chinese companies less than other Upstate
mills but the country is a concern nonetheless.
"China has become a very big producer of steel and their excess capacity has
driven down a lot of the pricing in the marketplace," Shiesley said.
In order to try to curb China from undercutting American companies, President
Biden is asking his trade representative to seek to triple tariffs on steel and
aluminum produced there. Under the proposal he announced Wednesday in Pittsburgh
at the United Steelworkers union headquarters, the rate could go from 7.5% to
22.5%.
"I'm not look for a fight with China. I'm looking for competition and fair
competition," Biden said.
U.S. Senate Majority Leader Chuck Schumer, D-NY, supports higher tariffs in
general and believes legacy manufacturing regions in Pennsylvania, Ohio and
upstate New York will benefit.
"The president's announcement today is a welcome step to getting Amercian steel
and aluminum businesses back on a level playing field with China. I can assure
you, Mr. President, there's no shortage of American businesses ready to step up
and compete in the global market," Schumer said.
Shiesley said American companies are at other disadvantages.
"Our initial reaction is good because they (China) unfairly trade materials but
the tariffs would be nicer if they'd actually hep us reinvest," he said.
He said the government should reconsider new energy policies that are untenable
for the industry, take any additional revenue from the tariffs and use it on
workforce development and even provide loans.
"Our costs have gone up 40 or 50% in the last two or three years and we need
help to help us reinvest and just give us some reasonable 2%, 3% loans and we
would put tens of millions of dollars to work that would add jobs, make us more
productive, make us better in the world economy," Shiesley said.
The industry veteran also pointed out if the price of steel and aluminum goes
up, that means the products that utilize it cost more to make and China could
undercut American industries there instead. He believes tariffs should be on all
metal products, not just the raw materials.
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