CPA strongly urges the Biden administration to impose quotas and increase tariffs to address Mexico’s surge of steel imports in violation of the agreement.
To craft a pro-America trade and economic agenda, Harris should pledge to increase overall tariffs, use tax credits more broadly to grow critical production, and ignore Wall Street’s call to return to the failed trade policies of the past.
The tariffs, originally implemented during the Trump administration and strongly supported by CPA, will now be raised on critical sectors, including steel and aluminum, semiconductors, electric vehicles, batteries, solar cells, critical minerals, ship-to-shore cranes, and medical products.
The report details how China has strategically positioned itself to dominate the U.S. and global solar markets through a combination of government subsidies, overproduction, and exploitation of U.S. policy loopholes—most notably, the tax credits created by the IRA.
We commend the Biden administration for taking initial steps towards closing the de minimis loophole, which China and transnational criminal organizations have weaponized against America.
The report reveals how U.S. financial giants — including BlackRock and Goldman Sachs — have formed joint ventures (JVs) with state banks controlled by the Chinese Communist Party (CCP), giving Beijing unprecedented influence over major U.S. financial firms and Wall Street executives.
In a recent speech at the New York Economic Club, and again during Tuesday’s debate against Kamala Harris, Donald Trump revived one of his signature policy proposals: tariffs as a powerful tool to revive American industry, protect jobs, and generate revenue for the federal government.
“The Biden administration’s refusal to enforce the 2019 steel agreement agreed to, and then breached by, Mexico has led directly to this devastating plant closure,” said CPA CEO Michael Stumo.
By leaving out bills that would prevent Chinese companies from accessing Inflation Reduction Act tax credits, restrict U.S. capital from flowing into China, and close the de minimis loophole, the House is missing a critical opportunity for meaningful action.
The U.S. Private Sector Job Quality Index (JQI) was 83.10 in August compared with 82.99 in July, the fourth straight month of growth after bottoming out in March of this year.
