The United States is taking additional steps to quell China's influence on its economy. The White House has announced a tremendous increase in tariffs on $18 billion worth of Chinese imports, including semiconductors, steel, aluminum and electric vehicles. The latter's tariff will quadruple, from 25 percent to 100 percent, a move the White House says will “protect American manufacturers.” The announcement further reported that China's electric vehicle exports grew by 70 percent between 2022 and 2023.
Other tariff increases, such as the jump from 25 percent to 50 percent for semiconductors and solar cells, are also significant. Then there are batteries, which will receive a tariff increase from 7.5 percent to 25 percent. Medical products are also part of this increase, and tariffs on needles and syringes will increase from zero percent to 50 percent.
The Biden administration emphasizes that American companies need a real opportunity to compete with Chinese imports. “China’s unfair trade practices in technology transfer, intellectual property, and innovation are threatening American companies and workers. “China is also flooding global markets with exports at artificially low prices,” the White House said in a statement. Biden's decision is based on tariffs implemented by his predecessor and current electoral opponent, Donald Trump.
