US to Raise Tariffs on Chinese Imports
The US is gearing towards raising tariffs on $18 billion in Chinese imports, primarily on pivotal industries such as electric cars, batteries, steel and essential minerals.
The White House hopes that this will compel China to end what the US believes is “unfair trade.”
The move, which was met with a rather intense response from Beijing, came as US President Joe Biden prepared for a “replay” of his 2020 presidential campaign against Donald Trump.
The tariff rate on EV’s is expected to skyrocket to 100% in 2024, while the tariff rate on chips will climb by 25-50% by 2025, according to the White House.
This comes in the wake of a startling review of tariffs imposed during a trade battle between Washington and Beijing during the then-President Trump’s time, when he levied taxes on $300 billion in Chinese imports.
The Chinese commerce ministry labeled the measure as a politicization of economic issues while warning they would “severely affect the atmosphere for bilateral cooperation.”
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