'It Hasn't Been Fair': Joe Biden Blasts China After Announcing New Tariffs

4 months ago

President Biden spoke about China on Tuesday after announcing new tariffs.

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Transcript

00:00 Thank you for joining us as I announce a series of actions to make sure American workers and

00:06 American business and corporations can compete and win in the industries of the future, because

00:11 that's what this is about. The fact is American workers are can outwork and outcompete anyone

00:18 as long as the competition is fair. But for too long it hasn't been fair. For years the

00:23 Chinese government has poured state money into Chinese companies across a whole range of industries,

00:28 steel and aluminum, semiconductors, electric vehicles, solar panels, the industries of the

00:34 future, and even critical health equipment like gloves and masks. China heavily subsidized all

00:40 these products, pushing Chinese companies to produce far more than the rest of the world can absorb,

00:45 and then dumping the excess products onto the market at unfairly low prices, driving other

00:50 manufacturers around the world out of business. You know, I won't go into it, but we were talking

00:55 today about how many aluminum plants there used to be and how many there are now. The price is

01:00 unfairly low because Chinese companies don't need to worry about a profit, because the Chinese

01:05 government subsidized them and subsidized them heavily. And Chinese relies on other anti-competitive

01:11 tactics as well, like forcing American companies to transfer their technology in order to do business

01:16 in China. I spent a lot of time with Xi Jinping. Early on I told him, he said, "Why am I being

01:22 unfair with China?" I said, "Look, we'll play by the same rules if you want. If you want to do

01:27 business in China, you got to have a 51 percent Chinese owner, you got to provide access to all

01:32 your intellectual property, et cetera. You want to do that in America? With silence." Sometimes it's

01:37 just outright steal through cyber espionage and other means. And it's been a well-documented and

01:42 internationally recognized. When you make tactics like these, they are -- you're not competing.

01:49 It's not competition, it's cheating.

01:51 And we've seen damage here in America.

'It Hasn't Been Fair': Joe Biden Blasts China After Announcing New Tariffs

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Transcript

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