President Biden held a press event on Tuesday, where he announced new tariffs on China.
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NewsTranscript
00:00 (Applause.)
00:02 Thank you, thank you, thank you.
00:03 I assume you're standing in case you have to run
00:13 when the rain starts.
00:14 Please, have a seat.
00:16 Rocks, thank you very much for all you do
00:18 to fight for American steelworkers.
00:20 I mean that sincerely.
00:21 And I want to recognize all the labor unions here today,
00:24 including steelworkers, autoworkers,
00:27 sheet metalworkers, AFL-CIO, IBEW,
00:31 communications workers, boilermakers, machinists.
00:33 I'm proud, as Rocks said,
00:36 to be labeled the most pro-union president in American history.
00:39 You've heard me say it before, Wall Street's important.
00:42 A lot of good folks there, but they didn't build America.
00:45 The middle class built America,
00:46 and unions built the middle class.
00:48 Folks, leaders from key American industries are here as well,
00:52 including steel, aluminum, solar, semiconductors,
00:55 automakers, and members of my Cabinet are here as well.
00:58 Janet Yellen, the front row is murderer's row here.
01:01 (Laughter.)
01:02 Treasury Department, Julie Hsu, our Trade --
01:04 our -- of Labor,
01:06 Catherine Tai, our nation's Trade Representative,
01:09 and outstanding members of Congress as well.
01:12 From Michigan, Debbie Stabenow is here.
01:14 Debbie, welcome.
01:16 And Hal- -- and Haley Stevens is here.
01:20 No, I guess she -- there you are.
01:21 You know, you didn't make --
01:22 they told me you might not be able to make it.
01:24 I'm sorry.
01:25 All right.
01:26 And Congresswoman Debbie Dingell.
01:28 Again, you -- smile, Debbie. It's okay.
01:32 (Laughter.)
01:34 Lisa Sotkin. Well, you should be.
01:35 You're -- you're responsible for a lot of this.
01:38 Thank you for joining us as I announce a series of actions
01:43 to make sure American workers and American business
01:46 and corporations can compete and win
01:48 in the industries of the future,
01:50 because that's what this is about.
01:52 The fact is, American workers are --
01:54 can outwork and outcompete anyone,
01:57 as long as the competition is fair.
01:59 But for too long, it hasn't been fair.
02:01 For years, the Chinese government has poured state
02:04 money into Chinese companies
02:06 across a whole range of industries --
02:08 steel and aluminum, semiconductors,
02:10 electric vehicles, solar panels.
02:12 The industries of the future and even critical health equipment,
02:15 like gloves and masks.
02:17 China heavily subsidized all these products,
02:20 pushing Chinese companies to produce far more
02:22 than the rest of the world can absorb,
02:24 and then dumping the excess products onto the market
02:27 at unfairly low prices,
02:29 driving other manufacturers around the world
02:31 out of business.
02:33 You know, we -- I won't go into it,
02:34 but we were talking today about how many aluminum plants
02:37 there used to be and how many there are now.
02:39 The price is unfairly low because Chinese companies
02:42 don't need to worry about a profit
02:43 because the Chinese government subsidized them
02:46 and subsidized them heavily.
02:48 And the Chinese relies on other anti-competitive tactics
02:51 as well, like forcing American companies
02:54 to transfer their technology in order to do business in China.
02:57 I spent a lot of time with Xi Jinping.
02:59 Early on, I told him -- he said,
03:00 "Why am I being unfair with China?"
03:02 And I said, "Look, we'll play by the same rules if you want.
03:05 If you want to do business in China,
03:07 you got to have a 51 percent Chinese owner,
03:09 you got to provide access
03:11 to all your intellectual property, et cetera.
03:13 You want to do that in America? With silence."
03:16 Sometimes it's just outright steal through cyber espionage
03:19 and other means.
03:20 And it's been a well-documented and internationally recognized.
03:24 And when you make tactics like these, they --
03:26 you're not competing. It's not competition; it's cheating.
03:30 And we've seen damage here in America.
03:33 To name one example, back in 2000,
03:35 when cheap steel from China began to flood the market,
03:38 U.S. steel towns across Pennsylvania and Ohio
03:41 were hit hard. And any of you from those areas know well.
03:44 More than 1,800 ironworkers and steelworkers
03:47 in Pennsylvania and Ohio lost their jobs.
03:50 I'm not going to let that happen again.
03:52 That's why today I'm announcing new tariffs
03:54 in key sectors of the economy that are going to ensure
03:57 that our workers are not held back by unfair trade practices.
04:00 They include the thing I'm announcing today --
04:03 25 percent tariff on Chinese steel and aluminum products.
04:06 And we'll counter China's overcapacity in these industries.
04:10 And we're making major investments
04:11 in clean American steel and aluminum --
04:13 clean American steel and aluminum.
04:15 That's a big deal.
04:16 Clean because of the way we manufacture it here.
04:18 It emits half as much carbon as steel made in China.
04:21 Last month, my administration announced
04:24 the largest investment in clean manufacturing in all of history --
04:27 up to $1.5 billion in six clean steel projects
04:32 across the America,
04:33 creating and supporting thousands --
04:35 thousands of union jobs.
04:37 Next, a 100 percent tariff on electric vehicles made in China.
04:41 People say, "Wow." (Applause.)
04:47 Because we're not going to let China flood our market,
04:50 making it impossible for American automakers --
04:52 auto manufacturers to compete fairly.
04:55 We're also implementing a 25 percent tariff
04:57 on electric vehicle batteries from China
05:00 and a 25 percent tariff on critical minerals
05:02 that make those batteries.
05:04 Folks, look, I'm determined that the future of electric vehicles
05:07 will be made in America by union workers, period.
05:11 (Applause.)
05:15 And we'll do it by following international trade laws
05:18 to do it.
05:20 American companies are investing tens of billions of dollars
05:23 in electric vehicles and batteries.
05:25 And thanks to my bipartisan infrastructure law,
05:27 we're building a network of 500,000 charging stations
05:30 all across America,
05:32 creating thousands -- thousands of IEBW jobs across America.
05:37 Electric charging stations --
05:38 (Applause.)
05:39 The reason to do this is simple.
05:41 Electric charging stations have to be as easy to find
05:43 as a gas station. And that's what this will be.
05:46 You're not going to have to worry about it.
05:47 You're taking off and you're not going to be able to make it
05:49 all across the country and want --
05:50 without having to figure something else out.
05:53 Our partners around the world are making similar investments.
05:56 And they also want supply chain for electric vehicles
05:59 that isn't dominated by unfair trade practices from China.
06:03 America can continue to buy Americans --
06:06 I want to make this clear,
06:07 notwithstanding what the other guy is saying --
06:10 can buy any kind of car they want,
06:12 whether it's gas, electric, or hybrid.
06:14 But we're never going to allow China
06:16 to unfairly control the market for these cars, period.
06:19 Next -- (Applause.)
06:24 -- we're going to raise tariffs on Chinese solar panels
06:28 from 25 to 50 percent.
06:30 Here again, because the Chinese government
06:31 is subsidizing excess capacity, they're flooding the market.
06:36 They're driving manufacturing companies
06:37 out of business in Europe.
06:39 But we won't let that happen here in America.
06:41 We're putting a 50 percent tariff on semiconductors
06:44 made in China.
06:45 These are those tiny computer -- all of you know this,
06:47 but for the public -- those little, tiny computer chips,
06:50 small as a fingertip, that power everyday lives --
06:53 everything from smartphones to automobiles
06:55 to dishwashers, satellites.
06:57 Look, America invented these cheaps,
07:00 but over time, we stopped making them.
07:03 We invested in other -- overseas.
07:05 Now, thanks to my Chips and Science Act,
07:07 one of the most significant investments ever
07:09 in science and technology,
07:11 we're bringing this vital energy back home
07:13 where it started in the United States of America.
07:15 (Applause.)
07:18 Finally, we're putting tariffs on health equipment,
07:21 like masks and gloves that nurses and doctors
07:24 wear every single day.
07:25 The pandemic caught us any -- taught us anything we need
07:28 to have a secure supply of essential supplies here at home.
07:33 Folks, these key sectors --
07:35 my administration is combining investments in America
07:38 with tariffs that are strategic and targeted.
07:40 It's a smart approach.
07:43 Compare that to the pri- -- what the prior administration did.
07:46 My predecessor promised increased American exports
07:48 and boost manufacturing, but he didn't either.
07:51 He failed. He signed a trade deal with China.
07:54 They were supposed to buy $200 billion more in American goods.
07:58 Instead, China imports from America barely budged.
08:02 And now Trump and the MAGA Republicans
08:04 want to cross the board tariffs on all imports
08:07 from all countries if reelected.
08:09 Well, that would drive up costs for families
08:12 on an average of $1,500 per year each year.
08:16 It simply doesn't get it.
08:19 For years, I've heard many Republicans
08:20 and even Democratic friends say China is not on the rise.
08:23 Which I assume China is on the rise;
08:25 America is falling behind.
08:27 I've always believed they got it wrong.
08:30 America is rising.
08:31 We have the best economy in the world.
08:33 And since I've come to office, the GDP is up.
08:35 Our trade deficit with China is down to the lowest level
08:38 in over a decade.
08:39 And we're standing up against Chinese government
08:41 unfair economic practices now.
08:42 At the same time -- (applause)
08:47 -- we're standing up for peace and stability
08:49 across the Taiwan Straits.
08:52 I've revitalized our partnership for the Pacific Allies
08:55 in India, Australia, Japan, South Korea,
08:58 the Philippines, Pacific Island nations.
09:01 I've made sure the most advanced American technologies
09:04 we develop or invent can be used by the Chi- --
09:07 can't be used by the Chinese government
09:08 to undermine our national security.
09:10 Frankly, before it rains -- frankly,
09:13 for all this tough talk on China,
09:15 it never occurred to my predecessor to do any of that.
09:18 Bottom line, I want fair competition with China,
09:21 not conflict.
09:22 And we're in a stronger position to win that economic competition
09:25 in the 21st century against China than anyone else
09:28 because we're investing in America again --
09:31 in American workers.
09:32 Let me close. The close is this. I come from Scranton,
09:36 a town like a lot of working-class,
09:37 middle-class neighbors all across America.
09:40 Like Racine, Wisconsin, which I visited last week.
09:42 Once a manufacturing boomtown,
09:44 until trickle-down economics came along
09:46 and the middle class in Racine got hollowed out.
09:49 Six years ago, my predecessor showed up
09:51 carrying a golden shovel, promising,
09:53 thanks to his new $10 billion manufacturing complex,
09:56 would be building Racine.
09:58 He said it would be the eighth wonder of the world.
10:00 Big promises that never came true.
10:02 He used that golden shovel to dig a hole,
10:04 and then he fell into it.
10:05 Well, it's not on my -- that's part of my --
10:08 what I'm delivering for Racine.
10:10 I'm delivering it, thanks to the investment
10:12 of my administration.
10:13 Microsoft is investing billions to build a new data center
10:16 in Racine, creating thousands of good-paying jobs.
10:19 Because the view from Scranton and towns like it
10:21 are a lot different than from Mar-a-Lago.
10:24 It's a view where that money doesn't determine your worth;
10:27 everyone is entitled to be treated with dignity
10:28 and respect; and everyone deserves a fair shot;
10:31 we leave nobody behind.
10:33 That's the America we're building together.
10:35 That's why I've never been more optimistic about our future.
10:37 And I'm really going fast because of the rain.
10:39 (Laughter.)
10:41 That's why we have to remember who we are.
10:43 We're the United States of America.
10:44 (Applause.)
10:46 And there's nothing -- there's nothing beyond our capacity
10:49 when we do it together. God bless you all.
10:51 We better get out of the rain. Thank you very, very much.
10:54 (Applause.)
11:00 Thank you.
11:02 (Applause.)
11:07 Mr. President.
11:08 Please sit. Please sit.
11:11 Please sit. Please sit. Thank you. Thank you. Thank you.
11:39 (Applause.)
11:51 Mr. President, Trump said today,
11:52 "China is eating our lunch."
11:54 What did you say in response?
11:56 He said, "China is eating our lunch."
11:58 That's what Trump said today.
11:59 We've been feeding them all the time.
12:01 (Applause.)