This is a major economic policy announcement from President Joe Biden.

For the media's midweek podcast, I'm Michael Lohanger.

This week on Tuesday, a major economic policy announcement from President Joe Biden.

For the 1,800 iron workers... policy announcement from President Joe Biden.

For the 1,800 iron workers and still workers

in Pennsylvania and Ohio lost their jobs.

I'm not going to let that happen again.

That's why the day I'm announcing new tariffs

and key sectors of the economy that are

sure that our workers are not held back by unfair trade practices.

18 billion dollars in new tariffs on Chinese imports.

Like electrical vehicles, semiconductors, batteries, steel. on He's slapping a 25% tariff on steel and aluminum.

He's also adding a 50% tariff on semiconductors in this.

The administration argues it will level the playing field

and protect American businesses, specifically carmakers.

These will build on the tariffs that former President Donald Trump put on a slew of Chinese-made goods during his term.

Tariffs that Biden was pretty critical of in his last campaign.

President Trump may think his being tough on China, all that he has delivered as a consequence of that is American farmers,

manufacturers and consumers losing and paying more.

Trump meanwhile is on the campaign trail threatening to up the ante if he's reelected.

We will phase in a system of universal baseline tariffs on most foreign products.

On top of this, higher tariffs will increase

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