“Democrats will take aggressive action against China or any other country that tries to undercut American manufacturing by manipulating their currencies and maintaining a misaligned exchange rate with the dollar, dumping products like steel and aluminum in our markets, or providing unfair subsidies.”
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The Commerce Department under Biden pursued dozens of antidumping and countervailing duty actions against Chinese steel and aluminum products, including a January 2024 finding of dumping margins exceeding 120% on Chinese tin mill products and a March 2023 circumvention determination on Chinese-origin aluminum foil transshipped through Korea and Thailand. Treasury's semiannual foreign-exchange reports throughout Biden's term kept China on a currency 'Monitoring List' but never formally designated it a currency manipulator, finding no country met all manipulator criteria. This amounts to aggressive but incomplete action: trade-remedy enforcement was substantial, while the currency-manipulation designation promised was never made.
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