The US is taking additional measures Stop China’s influence on the economy. The White House reported on this a huge increase in tariffs on $18 billion worth of Chinese imports, including semiconductors, steel, aluminum and electric vehicles. The tariff on the latter will be increased fourfold, from 25 percent to 100 percent — a move the White House claims will “protect American manufacturers.” The statement further stated that China’s EV exports are expected to increase by 70 percent between 2022 and 2023.
For other tariff increases, such as a jump from 25 percent to 50 percent semiconductors and solar cells are also important. Then there are the batteries, which raise rates from 7.5 percent to 25 percent. Medical products are also part of this increase, with tariffs on needles and syringes rising from zero to 50 percent.
The Biden administration stresses that American companies need a real shot at competing with Chinese imports. “China’s unfair trade practices on technology transfer, intellectual property, and innovation threaten American businesses and workers. China is also flooding global markets with artificially low-cost exports,” the White House said in a statement. Based on Biden’s decision rates implemented by the predecessor and current election opponent Donald Trump.
