China Trade Taskforce was formed in response to China’s illegal manipulation of the global aluminum market. Tens of thousands of American jobs are at risk as a result of China’s job hacking and its direct assault on the American aluminum industry.
CHINA’S ILLEGAL TACTICS
- Since joining the WTO in 2001, China has gone from being a relatively small aluminum producer to the largest in the world, currently producing more than 55% of global aluminum supply.
- Chinese aluminum State-Owned Enterprise (SOE) producers receive an array of illegal subsidies, such as direct grants, interest free loans, low cost state owned land and preferential regulatory treatment.
- President Xi Jinping’s extended family allegedly have an 18 percent indirect stake in a rare-earths company with $1.73 billion in assets.
- Over the last 18 months, more than 3,500 workers have lost their jobs due to China’s illegal subsidization of aluminum.
- The U.S. Aluminum market is responsible for over 10,600 American jobs and contributes over $6 billion in U.S. economic output each year.
- Since China joined the WTO, 70% of U.S. aluminum primary smelters in the United States have been forced to close.