Biden finalizes enhanced tariffs on Chinese imports
The tariff levies are surging to 100% on electric vehicles, escalating to 50% on solar cells, and climbing to 25% on electric vehicle batteries, essential minerals, steel, aluminum, face masks, and ship-to-shore cranes, starting September 27, as per the US Trade Representative's announcement.
Further tariff hikes for various commodities, including semiconductor chips, are scheduled to be implemented within the subsequent two years.
This escalation in duties aligns with the ongoing disagreements between Vice President Kamala Harris and ex-President Donald Trump concerning tariffs, with Trump advocating for widespread new levies on all imports, while Harris argues that this strategy would lead to higher prices for American households.
During his tenure, Trump implemented substantial tariffs on approximately $300 billion worth of Chinese-produced goods. President Joe Biden has maintained these tariffs and, following the US Trade Representative's completion of a comprehensive review earlier this year, decided to elevate certain rates on nearly $15 billion worth of Chinese goods.
The products undergoing these increased tariffs are in accordance with Biden's broader economic strategies, focusing on fostering domestic production within industries such as clean energy and semiconductor chips.
In a press statement, US Trade Representative Katherine Tai stated, "Today's finalized tariff increases will counter the detrimental policies and tactics of the People's Republic of China, which persistently impact American laborers and businesses."
In response, China is anticipated to retaliate by hiking tariffs on American-made goods.
In May, Chinese foreign ministry spokesperson Wang Wenbin voiced China's opposition to "unilaterally imposed tariffs that defy (World Trade Organization) rules, and will carry out all necessary measures to uphold its legitimate rights."
Should he be re-elected, Trump has pledged to intensify the existing tariffs on imports from numerous international locations. He's advocated for new tariffs of up to 20% on all foreign imports entering the US, as well as an additional tariff exceeding 60% on all Chinese imports. Furthermore, he's threatened to levy a "100% tariff" on countries that opt to transition away from using the US dollar.
CNN's Kayla Tausche contributed to this report.
The ongoing disagreements in politics, led by Vice President Kamala Harris and former President Donald Trump, revolve around tariffs and their impact on American households. The escalating tariffs on various commodities, such as semiconductor chips, align with President Joe Biden's broader economic strategies, focusing on domestic production in industries like clean energy and semiconductor chips.
