US announces commencement of special tariffs on Chinese imports beginning August 1.
The United States will implement certain tariffs on Chinese imports starting August 1, following a 30-day consultation period that ended on Wednesday. These tariffs will impact products worth $18 billion, including steel, aluminum, semiconductors, electric vehicles, minerals, solar cells, and cranes.
In 2023, the US imported goods valued at $427 billion from China while exporting only $148 billion worth. This significant trade deficit has persisted for years without being reduced by special tariffs or similar measures. President Joe Biden, a Democrat, has kept many of the previously instated tariffs from Trump, a Republican. Some of these tariffs are even being increased, such as those on electric vehicles and semiconductors. Katherine Tai, the US Trade Representative, justifies these steps due to China's alleged theft of US intellectual property. However, she has also proposed several exemptions for equipment critical for industrial production.
In response, China has condemned the US actions and warned of potential retaliation to safeguard its interests. The US strategy is deemed counterproductive and detrimental to the overall world economy.
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Source: www.ntv.de
