OAN’s Stephanie Meyers
8:56am – Wednesday, May 15, 2024
The Biden administration announced new tariffs on $18 billion worth of Chinese imports. The White House said the tariff increases will protect American workers and businesses in response to China’s unfair trade practices.
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The new tariffs will target Chinese electric vehicles, steel and aluminum, semiconductors, batteries, solar cells and medical products.
Tariff increases on Chinese imports that will take effect this year include: electric vehicles from 25% to 100%, lithium-ion EV batteries from 7.5% to 25%, battery parts from 7.5% to 25%, solar cells from 7.5% to 25%, and solar cells from 7.5% to 25%. Included in 25%. Steel and aluminum 0%-7.5% to 25%, Ship-to-shore cranes 0% to 25%, Syringes and needles 0% to 50%
From 2025, the tariff rate on semiconductors will double from 25% to 50%.
“China heavily subsidizes all of these products, forces Chinese companies to produce far more than the rest of the world can absorb, dumps excess product on the market, and sells it unjustly,” Biden said. “The low prices have driven other manufacturers around the world out of business.”
China criticized the move and vowed to take decisive measures to protect its interests, but gave no details on what measures it would take.
But members of Biden’s Cabinet praised the decision, saying it would level the playing field between the United States and China.
“President Biden is taking decisive action to strengthen U.S. manufacturing while ensuring that unfair trade practices do not threaten our nation’s competitiveness and economic security. “This is a strategic approach that will help protect key U.S. industries, including the clean energy and semiconductor sectors,” said Secretary of Commerce Gina Raimondo.
But not everyone, including Democratic lawmakers, is in favor of the move.
Gov. Jared Polis (D-Colo.) said his administration should instead lower tariffs to curb inflation.
“This is terrible news for American consumers and a huge setback for clean energy. Tariffs are a direct and regressive tax on Americans, and this tax increase will hurt every household.” Polis said in X.
President Trump criticized Biden’s announcement, saying he should have taken action three and a half years ago.
“China is now eating our lunch, so we need to do the same with other vehicles, and we need to do the same with many other products,” Trump said. .
Trump campaign press secretary Caroline Levitt issued an official campaign statement calling this an attempt to “cover up” Biden’s electric vehicle mandate.
“If Joe Biden really wanted to help American auto workers, he would announce an immediate repeal of the stupid EV mandate. Far from being tough on China, Joe Biden has passed the so-called Inflation Control Act. has given hundreds of billions of dollars in U.S. taxpayer subsidies to Chinese companies.
Inflation and the economy remain key issues ahead of November’s general election, with economists expressing concern about how new tariffs will affect consumers.
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