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Economy/Business / Biden Escalates China-U.S. Trade War With Fresh Tariff Hikes On Electric Vehicles, Solar Cells, Chip
« Last post by bigheadfred on Today at 05:26:39 pm »https://www.forbes.com/sites/roberthart/2024/05/14/biden-escalates-china-us-trade-war-with-fresh-tariff-hikes-on-electric-vehicles-solar-cells-chips-and-steel/
TOPLINE President Joe Biden on Tuesday announced hefty tariff hikes on a range of Chinese imports, including on electric vehicles, semiconductors, batteries and steel, part of an election-year effort to protect American industry amid growing fears Beijing is dumping a glut of cheap exports to shore up its own economy.
There will be a new 100% tariff on Chinese electric vehicles implemented this year, the White House said in a statement, a four-fold increase from the current rate of 25%, as well as a doubling of the 25% levy imposed on solar cells.
Tariffs on lithium batteries for electric vehicles are also set to increase from 7.5% to 25% this year, the statement said, with the levy hike broadening to cover all lithium batteries by 2026.
The White House also announced new tariffs on medical products like respirators and face masks, as well as steel and aluminium products, which will jump from a range of zero to 7.5% to 25% in 2024, as well as a new tariff of 25% for critical minerals, up from zero, and a 50% levy on semiconductors in 2025, double the current rate.
Some $18 billion worth of Chinese goods will be affected by the new rates, the White House said.
Though the move is likely to inflame already tense relations between Beijing and Washington, the White House said the new measures are necessary to curb “China’s unfair trade practices,” particularly China’s rampant “intellectual property theft” and habit of “flooding global markets with artificially low-priced exports.”
The move follows an “in-depth review” on the matter by U.S. Trade Representative Ambassador Katherine Tai and measures are “carefully targeted at strategic sectors” where the Biden Administration is making “historic investments,” the White House said.
More at link above.
.
TOPLINE President Joe Biden on Tuesday announced hefty tariff hikes on a range of Chinese imports, including on electric vehicles, semiconductors, batteries and steel, part of an election-year effort to protect American industry amid growing fears Beijing is dumping a glut of cheap exports to shore up its own economy.
There will be a new 100% tariff on Chinese electric vehicles implemented this year, the White House said in a statement, a four-fold increase from the current rate of 25%, as well as a doubling of the 25% levy imposed on solar cells.
Tariffs on lithium batteries for electric vehicles are also set to increase from 7.5% to 25% this year, the statement said, with the levy hike broadening to cover all lithium batteries by 2026.
The White House also announced new tariffs on medical products like respirators and face masks, as well as steel and aluminium products, which will jump from a range of zero to 7.5% to 25% in 2024, as well as a new tariff of 25% for critical minerals, up from zero, and a 50% levy on semiconductors in 2025, double the current rate.
Some $18 billion worth of Chinese goods will be affected by the new rates, the White House said.
Though the move is likely to inflame already tense relations between Beijing and Washington, the White House said the new measures are necessary to curb “China’s unfair trade practices,” particularly China’s rampant “intellectual property theft” and habit of “flooding global markets with artificially low-priced exports.”
The move follows an “in-depth review” on the matter by U.S. Trade Representative Ambassador Katherine Tai and measures are “carefully targeted at strategic sectors” where the Biden Administration is making “historic investments,” the White House said.
More at link above.
.
