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Trade Trends News
12-06-2024
The U.S. government announced high new tariffs on $18 billion worth of Chinese imports. The White House said the tariffs were raised to protect U.S. industries from unfair competition.
Starting this year, President Biden will quadruple tariffs on imports of Chinese electric cars from 25% to 100%. Import duties on Chinese solar cells will double, from 25% to 50 percent. And tariffs on some Chinese steel and aluminum imports would more than triple, from the current 7.5% to 25%.
The President also directed U.S. Trade Representative Katherine Tai to more than triple tariff rates on lithium-ion batteries for electric vehicles and lithium batteries for other uses. Beginning in 2025, tariffs on imported Chinese semiconductors will jump from 25 percent to 50 percent.
For the first time, tariffs will be imposed on Chinese imports of medical needles and syringes, as well as large shoreline cranes, the White House said in a fact sheet. Higher tariffs will also be imposed on Chinese rubber medical gloves and some respirators and masks.
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There will be a longer transition period for tariffs on some goods, such as batteries and natural graphite. The White House says this is in part to give U.S. manufacturing time to expand so that domestic battery production is sufficient to meet consumer demand.
Speaking at the White House on Tuesday, Biden said, “China heavily subsidizes all of these products, forcing Chinese companies to produce far more than the rest of the world can absorb, and then dumping the excess onto the market at unfairly low prices.”
He added: “When you adopt such a strategy, it's not competition, it's cheating.”
Beijing was quick to condemn the new tariffs on Tuesday.
“The U.S. escalation of Section 301 tariffs violates President Biden's commitment not to suppress or contain China's development and not to seek decoupling from China,” a spokesman for China's Ministry of Commerce said in a statement. "The U.S. should immediately correct its wrong approach and withdraw its tariff measures against China. China will take resolute measures to defend its own interests."
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