It is a component of higher tariffs on Chinese goods valued at $18 billion.
Additional steps are being taken by the United States of America in order to reduce the impact that China has on its economy. It has been revealed by the White House that there will be a significant rise in tariffs placed on Chinese imports worth $18 billion. These goods include electric vehicles, steel, aluminum, and semiconductors. It is planned that the duty on the latter will increase by a factor of four, going from 25 percent to 100 percent. The White House asserts that this measure “will protect American retailers and manufacturers.” Moreover, the declaration stated that China’s exports of electric vehicles increased by seventy percent between the years 2022 and 2023.
There are further tariff increases that are as large, such as the jumps from 25 percent to 50 percent for solar cells and semiconductors. There is also the matter of batteries, which are going to see an increase in their tariff from 7.5 percent to 25 percent. A further component of this increase is the imposition of tariffs on medical products, including needles and syringes, which will go from zero percent to fifty percent.
It is emphasized by the administration of Vice President Joe Biden that American businesses require a genuine opportunity to compete with Chinese goods. Businesses and employees in the United States are at danger as a result of China’s unfair trade practices regarding the transfer of technology, intellectual property, and innovation. In addition, China is flooding global markets with exports that are artificially priced at low levels, according to a statement released by the White House. Biden’s decision is a continuation of tariffs that were imposed by his predecessor, Donald Trump, who is currently running against him in the election.