This Alabama Native Waged War Against Chinese Trade Practices At Least 2 Decades Before Trump Or Biden's Restrictions On China: Report

M&B Hangers’ owner, Milton Magnus, has been combating perceived inequitable trade practices from Chinese companies for over 22 years. His ongoing struggle epitomizes the hurdles encountered by numerous American manufacturers, particularly those producing lower-end goods.

What Happened: 72-year-old Alabama native, Magnus, has been in a trade conflict with Chinese companies for 22 years. His firm, M&B Hangers, is among the few remaining U.S.-based steel wire hanger manufacturers, as per The Wall Street Journal report on Monday.

In 2003, Magnus first presented his case against Chinese hangers to a federal agency examining trade matters. He managed to convince the U.S. Commerce Department in 2008 to levy duties of up to 187% on Chinese hanger imports, arguing that China was unfairly underpricing its products.

See Also: Following Trump’s Taiwan Remarks, US Envoy Says He Is ‘Much More Confident’ On Taipei’s Defense Efforts Amid China’s Aggression

Despite the imposed tariffs, Magnus’s fight persists as hangers from other Asian countries began to inundate the U.S. market. Magnus has accused several American importers of evading U.S. tariffs and has sent investigators to inspect alleged factory locations in various Asian countries.

Why It Matters: Magnus’s protracted struggle brings to light questions about whether the U.S. should protect commodity goods like his, according to Eswar Prasad, an economist at Cornell University. This case also underscores the ongoing discussion about the efficacy of tariffs in safeguarding domestic industries.

President Joe Biden has beaten his predecessor Donald Trump‘s record of blacklisting Chinese entities amid economic clashes between China and the U.S. In May, Biden added 37 new Chinese firms to the list citing national security concerns. China condemned this move and vowed to defend the rights and interests of the country.

As trade tensions between the U.S. and China escalated, companies began to advance their orders, exacerbating existing supply chain issues.

Check This Out:

• Lawmakers Made Huge Investments This Year. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari