Biden administration intends to impose heavy tariffs on Chinese imports
Date
5/12/2024 8:43:17 AM
(MENAFN) Reports indicate that the Biden administration is poised to implement substantial new tariffs on a range of imports from China, encompassing electric vehicles, semiconductors, solar equipment, and medical supplies. Sources familiar with the plan, who spoke on condition of anonymity due to the sensitivity of the matter, have disclosed that the tariffs could see a significant hike, with tariffs on electric cars potentially quadrupling from the current 25 percent to 100 percent.
The impending announcement, expected to be made on Tuesday, underscores the administration's mounting concerns over what is perceived as "excess capacity" in China's manufacturing sector. Officials within the Democratic administration have voiced apprehension regarding the implications of this surplus capacity on U.S. jobs and national security. Of particular concern is the potential inundation of domestic markets with low-priced Chinese exports, posing a threat to the competitiveness of U.S. manufacturing industries.
Industrialized nations, including the United States and its European allies, are apprehensive about the prospect of Chinese exports flooding global markets, thereby undercutting local manufacturing. The anticipated tariffs reflect a concerted effort to address these concerns and safeguard domestic industries from unfair competition.
Moreover, there are specific apprehensions within the U.S. regarding the impact of Chinese green energy products on recent climate-friendly investments. The Biden administration's ambitious efforts to combat climate change, including significant investments in green energy initiatives, risk being undermined by the influx of inexpensive Chinese alternatives. This exacerbates concerns over the potential erosion of gains made through legislative measures aimed at reducing inflation and fostering sustainable economic growth, such as the Democratic inflation-reduction bill signed into law by President Biden in August 2022.
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