Biden Hikes Tariffs on China, Targets EVs and Tech in Trade Clampdown
Joe Biden announced significant tariff increases on multiple Chinese export goods on Tuesday. The administration has chosen to keep the tariffs implemented by its predecessor and establish additional trade barriers. Notably, this includes a tariff on electric vehicles that is four times higher than before.
5:01 PM EDT, May 14, 2024
The White House issued a statement highlighting that Beijing's "unfair practices" present an "unacceptable risk" to the United States' economic well-being. China has been criticized for inundating the global market with low-cost products for years.
The measures disclosed on Tuesday impact Chinese imports worth $18 billion, which include semiconductors, batteries, electric vehicles, essential minerals, solar panels, cranes, and steel and aluminum, as per the White House.
Serious accusations
"China’s using the same playbook it has before to power its own growth at the expense of others by continuing to invest despite excess Chinese capacity and flooding global markets with exports that are underpriced due to unfair practices," remarked Lael Brainard, an economic advisor to the White House.
The US trade representative Katherine Tai has stated that the rise in tariffs is warranted because China persists in infringing on American intellectual property rights. In some instances, their tactics, including cyber-espionage to replicate American technology, have escalated in aggression.
Following the announcement of the sharp tariff increases, Beijing's Ministry of Commerce declared that China would take decisive actions to protect its rights and interests. They also urged the United States to reconsider its decision to increase these charges.
