I drew a picture (sort of.) Two hot wires and a ground. Tap into the existing circuit and add a couple of new outlets. Turn it into a 20A branch circuit.
But you don't run a dust collector with it, or any of the other power tools, so you'd still be OK with the existing 20A circuit. Some popular
230A welders require a 50A circuit. 6/3wg cable if you want to put in a subpanel fed through a 50A or 60A breaker. If you can get by with a 30A subpanel, you can use 10/3wg cable. The "wg" part means "with ground", because you need 4 conductors. I'm not sure, but I think you can still buy large 3 conductor cables without a ground, so I said wg just to be safe.Bob