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Biden's steel tariff call 'more talk than action': Strategist

According to the White House, the Biden Administration is looking to triple the tariff rate on steel and aluminum imports from China. The move comes as the administration continues to try to balance trade relations with China while protecting US interests. With the presidential election around the corner, Former President Donald Trump has made comments suggesting he will reignite the trade war with China he started in the previous administration. Macrolens Chief Strategist Brian McCarthy joins Market Domination to give insight into the increased tariffs, how it will affect US-China relations, and the difference between Trump and Biden in their handling of trade relations. In terms of what the increase in the tariff rate means, McCarthy states its "Sort of more noise than substance, frankly. Since Trump tariffed steel and aluminium, we're not really importing much at all directly from China. So raising those tariffs is really more a political message than anything substantial. Now, no one knows how much Chinese steel we're buying indirectly through Mexico and other places. So you know, they're not talking about cracking down on that which is probably the crux of the problem. So we're just getting a lot of noise here into the election. " For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Nicholas Jacobino