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11mo ago

Biden Implements Major Tariff Hikes on Chinese Imports

New tariffs target electric vehicles, semiconductors, and other goods to protect U.S. industries and counter unfair trade practices.

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Shipping containers from China and other Asian countries are unloaded at the Port of Los Angeles as the trade war continues between China and the US, in Long Beach, California on September 14, 2019. (Photo by Mark RALSTON / AFP) (Photo by MARK RALSTON/AFP via Getty Images)
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Overview

  • Electric vehicle tariffs will increase from 25% to 100%, the largest hike among the new measures.
  • Tariffs on semiconductors, lithium batteries, solar cells, and steel and aluminum will also see significant increases.
  • The measures aim to safeguard over $800 billion in U.S. investments in clean energy and technology.
  • Biden's administration argues the tariffs are necessary to level the playing field for American manufacturers.
  • China has criticized the tariffs, warning they could escalate trade tensions and harm global economic cooperation.