President Biden announces plans to triple tariffs on Chinese steel and aluminum to bolster American steel industry and address Chinese overcapacity and subsidies.

The tariff increase is part of a broader international trade policy to protect American manufacturing from unfair competition.

The administration is also engaging in anti-dumping investigations and collaborating with Mexico to prevent indirect Chinese steel imports to the U.S.

The policy may result in higher costs for U.S. consumers and carries economic risks.

Biden's strategy reflects a protectionist stance reminiscent of former President Trump's policies, but aims for a 'strategic and balanced' tariff application.

This announcement is concurrent with the administration's support for a Taiwanese semiconductor expansion in the U.S. and opposition to a Japanese firm's acquisition of U.S. Steel.

The policy moves underscore Biden's commitment to American manufacturing and trade recalibration with China, amid considerations of political support in key states for upcoming elections.