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Biden will impose new tariffs on China. What is it about?

2024-05-13 11:21:17Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Biden will impose new tariffs on China. What is it about?

US President Joe Biden will announce new tariffs on China this week targeting strategic sectors, including a big tax hike on electric vehicles. The decision, expected on Tuesday, will maintain existing tariffs on many Chinese goods imposed by former President Donald Trump.

Also, new tariffs are expected to be imposed on semiconductors and solar panels. Chinese-made medical supplies such as syringes and personal protective equipment also face additional tariffs.

Tariffs on Chinese electric vehicles will nearly quadruple under the new Biden plan. The chairman of the Senate Banking Committee wants the Biden administration to completely ban Chinese electric vehicles, due to concerns they pose about Americans' personal data.

The US Trade Representative's office made its recommendations to the White House weeks ago.

Biden is seeking to contrast his approach with that of Republican candidate Trump, who has proposed blanket tariffs that White House officials see as too broad and likely to increase inflation. Trump has promised tariffs of 60% or higher on all Chinese goods.

The moves could prompt retaliation from China at a time of heightened tensions between the world's two largest economies. Trump's more extensive imposition of tariffs during his 2017-2021 presidency set off a tariff war with China.

Both presidential candidates have departed sharply from the free trade consensus that once reigned in Washington, a period limited by China's membership of the World Trade Organization in 2001.


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