President Joe Biden recently said the United States would sharply increase tariffs on some Chinese goods, including elec
Tariffs are a “direct, regressive tax on Americans” and President Joe Biden’s new tariffs on Chinese goods will “hit every family.”President Joe Biden said the United States would impose new or higher tariffs on various Chinese goods, including electric vehicles, to target unfair trade practices by China and protect the United States’ competitiveness in manufacturing clean energy products and microchips.
Experts say the tariffs could amount to a tax increase on many Americans. But they add that the notion that"every" American family will be hit is likely exaggerated. In pursuing the new tariffs, Biden has regularly accused China of flooding the global market with goods at what the White House calls"" prices. The White House says the Chinese government heavily subsidizes the nation’s companies, which allows Chinese competitors to overproduce because they don’t have to worry about turning a profit.
"The consensus has not changed: Tariffs are regressive, in that the people with lowest means will be paying the most when a tariff is placed on a good," said Ross E. Burkhart, a Boise State University political scientist who specializes in trade policy.However, Polis’ second point, that"every family" will be affected by the Biden tariffs, is exaggerated, experts said.
In any case, such materials"tend to be small input prices of finished goods, and Chinese exports of both products to the U.S. are generally declining," said Scott Paul, the president of the Alliance for American Manufacturing, an advocacy group comprising U.S. manufacturers and the United Steelworkers."In a $25 trillion economy these very targeted measures won’t even be felt in a meaningful way.
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