Biden To Increase Tariffs On Numerous Chinese Imports

( – President Biden will increase tariffs on Chinese imports to protect American production and fair competition. The President announced the tariffs from the White House Rose Garden on May 14 and said they will apply to $18 billion worth of imports across various sectors. Electric vehicles will be subject to a 100% tariff as the Biden administration insists that China cannot be the only nation producing products to fuel an increasingly green future. Additionally, components for solar products will attract a 50% tariff.

Steel and aluminum, semiconductors, battery parts, minerals, medical products, and cranes, are also covered, and these will be subject to 25% tariffs.

The policy stems from Trump-era regulations drawn from US trade laws that permit tariffs on products and competition impediments if necessary for national security purposes. The Trump enactment required regular review, which the Biden White House recently undertook, and as a result, it put forward the new tariff figures.

The jump is most significant on electric vehicles (EVs), which will almost quadruple from 27.5%. President Biden said he would not allow China to flood the US market and make it “impossible” for American plants to compete. Car manufacturing and its future has pitted Biden against former President Trump as the two Oval Office contenders compete to win over auto workers.

Donald Trump has warned auto production employees that Biden’s green agenda threatens the industry’s future, but experts are simultaneously warning that the President’s EV trade war with China could detrimentally impact his climate change objectives while providing temporary relief for US manufacturers.

Economists note that because so few Chinese EVs are currently marketed in the US, the tariff imposition will have minimal impact. However, tariff increases on components could be more widely felt. US manufacturers often depend on Chinese parts which will be subject to increased tariff and drive up the price of US-made EVs. Therefore, experts say Biden’s goal to radically increase the number of EVs on American roads becomes less achievable.

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