Thu. May 23rd, 2024

Joe Biden has sharply increased tariffs on a number of Chinese goods

Natasha Kumar By Natasha Kumar May14,2024

Jo Biden sharply increased tariffs on a number of Chinese goods

US President Joe Biden unveiled a package of sharp tariff increases on a range of Chinese goods, including electric cars, computer chips and medical products.

As “Europeyska Pravda” writes, Reuters reports about it.

The new measures affect Chinese imports worth $18 billion, including steel and aluminum, semiconductors, batteries, important minerals, solar panels and cranes.< /p>

Biden also quadrupled tariffs on Chinese electric cars.

The White House statement refers to the “unacceptable risks” to the economic security of the United States caused by what it considers unfair actions by China, which floods world markets with cheap goods.

According to White House National Economic Adviser Lael Brainard, China is using a familiar scheme to ensure its own growth at the expense of excess Chinese capacity, flooding world markets with underpriced exports due to unfair practices.

US Trade Representative Catherine Tye said the revised tariffs were justified as China continued to steal US intellectual property and in some cases became “more aggressive” in cyber attacks targeting US technology.

In 2025 and 2026, the U.S. will impose additional tariffs on semiconductors, doubling the tariff rate to 50%, as well as lithium-ion batteries not used in electric vehicles and other goods.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

Related Post