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Biden decides to raise tariffs on Chinese EVs, solar cells, steel, aluminum & more

15 May 2024 17:31 reported by Stanley Wang

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In a bid to shield American industries from what it perceives as unfair competition, the Biden administration has announced significant tariff increases on Chinese imports, amounting to US$18 billion. President Joe Biden emphasized the necessity of these measures, citing China's alleged practice of subsidizing and overproducing goods, then selling them at artificially low prices.

Effective immediately, tariffs on certain Chinese products will see a substantial hike. Tariffs on electric vehicles (EVs) imported from China will quadruple, from 25% to 100%, while those on solar cells will double from 25% to 50%, and some steel and aluminum imports will increase more than three times from 7.5% to 25%. Additionally, tariffs on lithium-ion batteries for EVs will rise from 7.5% to 25% this year, and for non-EV batteries of the same type, they will increase from 7.5% to 25% in 2026. There are also higher tariffs on ship-to-shore cranes, critical minerals, and medical products. Besides, the tariff rate on semiconductors will increase from 25% to 50% by 2025.

The White House contends that China's overproduction, fueled by heavy subsidies, distorts global markets, adversely affecting American firms and workers. While the move has drawn swift condemnation from Beijing, the US remains firm in its stance, asserting its commitment to protecting domestic industries from what it views as unfair trade practices.

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