The new tariff rates – which range from 100% on electric vehicles, to 50% for solar components, to 25% for all other sectors – will take place over the next two years.
President Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing ’s development of critical technologies and instead prioritize U.S. production.The increases will apply to imported steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes and medical products.
“It was important to have a large enough step-up in the tariffs to ensure that we try to level the playing field,” a second senior administration official said.Beijing has been known to introduce costly counterpunches. Chinese foreign ministry spokesperson Wang Wenbin told reporters Tuesday that China opposes “the unilateral imposition of tariffs which violate rules, and will take all necessary actions to protect its legitimate rights.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden to increase tariffs on $18 billion in Chinese imports in a new warning to BeijingPresident Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing’s development of critical technologies and instead prioritize US production.
Read more »
Biden raises tariffs on $18 billion of Chinese imports: EVs, solar panels, batteries and moreBiden Cabinet members like Janet Yellen, Gina Raimondo and Antony Blinken have all raised concerns about Chinese trade practices.
Read more »
Biden hiking tariffs on Chinese EVs, solar cells, steel, aluminum — adding to tensions with BeijingThe hike would triple the tax on Chinese steel and aluminum. Biden says China overproduces goods made with these materials because it has a surplus.
Read more »
Biden hiking tariffs on Chinese EVs, solar cells, steel, aluminum — adding to tensions with BeijingThe hike would triple the tax on Chinese steel and aluminum. Biden says China overproduces goods made with these materials because it has a surplus.
Read more »
Biden hiking tariffs on Chinese EVs, solar cells, steel, aluminum - adding to tensions with BeijingThe Biden administration is announcing plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment.
Read more »
Biden hiking tariffs on Chinese EVs, solar cells, steel, aluminum - adding to tensions with BeijingThe Biden administration is announcing plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment. It's an election-year move that’s likely to increase friction between the world’s two largest economies.
Read more »