Biden Cabinet members like Janet Yellen, Gina Raimondo and Antony Blinken have all raised concerns about Chinese trade practices.
President Joe Biden plans to impose a 100% tariff on Chinese electric vehicle imports, a 50% tariff on Chinese solar cells and a 25% tariff on certain Chinese steel and aluminum imports.
First-time tariffs will be imposed on Chinese imports of medical needles and syringes, as well as massive ship-to-shore cranes, the White House said in a fact sheet. Chinese rubber medical gloves and some respirators and face masks will also be hit with higher tariff rates. "That is going to flood the global market with supply that undercuts our ability to build productive capacity at home and ... leaves all of us across the world more vulnerable to economic coercion," said the official.White House officials across a variety of agencies have raised concerns in recent weeks about China's domestic subsidies for clean energy manufacturing.
"China's overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world," Treasury Secretary Janet Yellen said in March ahead of her visit to China where she confronted government officials on the issue., the Chinese government news agency, called Yellen's claims "unfounded," and "a reflection of the zero-sum mindset of some policymakers in Washington.
"It was important for us to ensure that given their rapidly growing exports, and excess capacity in the sector, that we put in the right safeguards," the official added. Goldman Sachs, for example, previously estimated that every percentage point increase in the effective tariff rate would decrease gross domestic product by 0.03%, increase consumer prices by 0.1% and heat up inflation for one year.
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