According to foreign media reports, people familiar with the matter said that US President Joe Biden will double, triple and quadruple tariffs on some Chinese goods this week. He announced the measures earlier at a White House event.
After nearly two years of review, Biden will raise tariffs in key areas. The total tariff on electric vehicles in China will rise from 27.5 per cent to 102.5 per cent, according to people familiar with the matter. Tariffs on other targeted industries will double or triple, but the scope remains unclear.
People familiar with the matter said Biden will target key industries such as electric vehicles, batteries, solar cells, steel and aluminum. Biden had previously announced an increase in tariffs on Chinese steel and aluminum imports to 25 percent, compared with the current 7.5 percent or no tariffs on some products.
The Biden administration's measures are aimed less at cutting China's market share than at preventing an expected increase in imports, given that China currently accounts for only a small fraction of U.S. supply of steel, aluminum and automobiles.
People familiar with the matter said it was unclear which goods would be exempt from tariffs, but Biden would not announce a reduction.
The U.S. government has signaled to the country's solar industry that it will exclude certain goods, including machinery used to make solar panel components. Some equipment makers have sought exemptions from the tariffs, arguing that they would only undermine the United States' goal of wresting clean energy supply chains from China.
2024 is an election year in the United States. What Biden and his Republican rival, Trump, have in common as they seek to use tariffs to hit China, the only difference being that Biden has largely extended the tariffs Trump originally imposed on China, while Trump is seeking to raise tariffs on Chinese goods generally.
Trump plans to impose 200% tariffs
Mr Trump mocked the tariffs announced by the Biden administration at a campaign rally in New Jersey on Saturday. Trump said Biden said he would impose a 100 percent tariff on all Chinese electric vehicles. Isn't that great? He should have done it four years ago. Trump has claimed that Chinese companies will try to build cars in Mexico and then ship them to the United States to avoid tariffs under the United States-Mexico-Canada Agreement reached when Trump became president.
Trump has said that if he takes office, he will impose a 200% tariff on Chinese-made cars in Mexico. Trump has also promised to impose a 60 percent across-the-board tariff on all Chinese goods. Mr. Biden did not do so because Allies said it would fuel inflationary pressures.
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