Good job Joe. More of this please……
09:21 AM EDT, 05/14/2024 (MT Newswires) -- (Updates with additional details on the new tariffs and a statement from China's commerce ministry.)
The Biden administration unveiled new tariffs Tuesday on imports from China, including a quadrupling of import duties on electric vehicles.
"Today's actions to counter China's unfair trade practices are carefully targeted at strategic sectors--the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs," the White House said in a statement.
Under the new rules, tariffs on Chinese electric vehicles will jump from 25% to 100% this year.
Whether assembled or not, Chinese solar panel duties will increase from 25% to 50% this year. Semiconductors will also increase from 25% to 50%, but not until next year.
The new rules also raise duties on steel and aluminum products this year from a maximum of 7.5% to 25%.
The administration this year for the first time will impose tariffs of 25% on ship-to-share cranes which were previously not subject to customs duties. Medical supplies such as syringes, face masks, and surgical gloves will also face new or higher tariffs of either 25% or 50% this year and in 2026.
Raising Section 301 tariffs "violates" President Joe Biden's commitment to not seek to suppress and contain China's development and not to seek to decouple and break links with China, China's commerce ministry said in a statement, adding that the move will seriously affect bilateral ties.
The ministry said China will take "resolute measures to defend its rights and interests."
09:21 AM EDT, 05/14/2024 (MT Newswires) -- (Updates with additional details on the new tariffs and a statement from China's commerce ministry.)
The Biden administration unveiled new tariffs Tuesday on imports from China, including a quadrupling of import duties on electric vehicles.
"Today's actions to counter China's unfair trade practices are carefully targeted at strategic sectors--the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs," the White House said in a statement.
Under the new rules, tariffs on Chinese electric vehicles will jump from 25% to 100% this year.
Whether assembled or not, Chinese solar panel duties will increase from 25% to 50% this year. Semiconductors will also increase from 25% to 50%, but not until next year.
The new rules also raise duties on steel and aluminum products this year from a maximum of 7.5% to 25%.
The administration this year for the first time will impose tariffs of 25% on ship-to-share cranes which were previously not subject to customs duties. Medical supplies such as syringes, face masks, and surgical gloves will also face new or higher tariffs of either 25% or 50% this year and in 2026.
Raising Section 301 tariffs "violates" President Joe Biden's commitment to not seek to suppress and contain China's development and not to seek to decouple and break links with China, China's commerce ministry said in a statement, adding that the move will seriously affect bilateral ties.
The ministry said China will take "resolute measures to defend its rights and interests."
