President Joe Biden announced Tuesday a significant increase in tariffs on a range of Chinese goods, aimed at protecting the American economy and safeguarding domestic jobs.
These measures are also designed to counteract China’s heavily subsidized production, which Biden stated was “flooding the market” and harming U.S. manufacturers.
“Today, I’m announcing new tariffs in key sectors of the economy to ensure that our workers are not held back by unfair trade practices,” he explained. These include:
A 25% tariff on Chinese steel and aluminum products to counter China’s overcapacity and support clean American production.
A heavy 100% tariff on electric vehicles made in China to prevent market flooding and protect American auto manufacturers.
A 25% tariff on electric vehicle batteries and critical minerals from China to boost the domestic EV industry.
Increased tariffs on Chinese solar panels, raised from 25% to 50%, to support American manufacturers against subsidized competition.
A new 50% tariff on semiconductors made in China, a move to reclaim the semiconductor industry domestically.
Biden stressed the importance of these measures for the U.S. economy, saying, “These ...Full story available on Benzinga.com
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