Joe Biden Imposes Heavy Import Tariffs On Chinese Imports: 'Want Fair Competition With China, Not Conflict'

(MENAFN- Live Mint) "US President Joe Biden has imposed heavy tariffs on Chinese products including batteries, EVs, steel, solar cells, and aluminium. These tariffs encompass a 100% tariff on electric vehicles, a 50% tariff on semiconductors, and a 25% tariff on electric vehicle batteries imported from China to the nation from the Rose Garden of the White House, Biden said it would ensure that American workers are not held back by unfair trade practices and the country can continue to buy any kind of car it want.
“I want fair competition with China, not conflict. We are in a stronger position to win that economic competition of the 21st century against China than anyone else because we're investing in America again,” he said as quoted by PTI.
Biden asserted that the Chinese government has been investing state funds into various Chinese industries for years, including steel, aluminum, semiconductors, electric vehicles, solar panels, and essential health equipment such as gloves and masks provided significant subsidies for all these products, prompting Chinese companies to produce quantities far exceeding global demand. Subsequently, they dumped the surplus products onto the market at unfairly low prices, resulting in the closure of numerous manufacturers worldwide, he stated prices are unfairly low because Chinese companies, backed by heavy subsidies from the Chinese government, are unconcerned about profitability. Additionally, they employ other anti-competitive strategies, such as coercing American companies to transfer their technology in order to operate in China, Joe Biden explained slams Trump on China policyThe US President slammed his predecessor Donald Trump on his China policy, saying he failed to increase American exports and boost manufacturing despite signing a trade deal with China under which they were supposed to buy USD 200 billion more in American goods.“Instead, China imports from America barely budged.”“And now, Trump and his MAGA Republicans want across-the-board tariffs on all imports from all countries, if reelected. Well, that would drive up costs for families on an average of USD 1,500 per year each year. He simply doesn't get it,” he said as quoted by newswire PTI Trade Representative Katherine Tie also agreed with Biden and said the previous administration's trade agreement with China did not succeed in bolstering American exports or manufacturing.“In response, President Biden signed a memorandum directing me to increase tariffs on critical manufacturing and mining sectors, including steel and aluminium, semiconductors, electric vehicles, batteries, solar cells, and certain critical minerals,” she said raised tariffs are projected to encompass about USD 18 billion worth of trade. Additionally, the president has initiated a process to seek exemptions for specific production machinery from the tariffs, enabling solar and clean manufacturers to procure equipment while broadening their supplier base.
(With PTI inputs)


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