Electrics, semiconductors, batteries, solar cells and critical minerals – these are just some of the types of products and goods from China that the US will impose higher tariffs on. The total value of these imports is up to USD 18 billion.
The US raises tariffs on goods from China
The White House announced the decision, saying that in its opinion, China is using unfair practices, flooding world markets with cheap goods, which threatens the economic security of the United States. No one here really hid the fact that Americans did not like electric cars arriving en masse from China. Joe Biden emphasized during the previous election campaign that he wanted to base the economy on green investments and jobs related to the “green” industrial and energy sectors. Cheap competition from China is not conducive to this.
Therefore, the customs duty on electric cars will increase fourfold – to 100 percent, this year. The customs duty on semiconductors will increase from 25 to 50 percent. next year. The same applies to the rate for solar cells. Tariffs on certain steel and aluminum products and on lithium-ion batteries and their parts will increase approximately three times. Fees for critical minerals (including natural graphite) will increase to 25%. from scratch.
China is not happy
Asked about the reports, China’s foreign ministry said it “opposes unilateral tariff increases in violation of World Trade Organization rules” and “will take all necessary measures to protect its legitimate rights and interests.”
Last year, the United States imported goods from China worth $427 billion, he reminds. Exports worth USD 148 billion flowed in the other direction. This gap in international trade between the two countries has existed for decades. And it was an argument often raised by the previous president of the United States, Donald Trump. He intends to run as a candidate this year – elections in the world’s largest economy this fall – so Biden’s move can also be considered in this context. Especially since American voters do not evaluate his economic policy very positively. Recently, Trump had a 7 percentage point advantage over Biden in this respect (43% of respondents support the former president’s approach to the economy, compared to 34% of Biden).
Source: Gazeta
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