United States Increases Tariffs on Chinese Goods
Date
9/19/2024 9:11:04 AM
(MENAFN) The United States has officially implemented higher tariffs on billions of dollars' worth of Chinese imports, as confirmed by United States Trade Representative Katherine Tai on Friday. These new tariffs will significantly impact goods like electric vehicles and semiconductors.
Initially proposed by the White House in May, the administration of President Joe Biden has since been working on finalizing the details, including setting dates for the tariff hikes to take effect, based on public feedback. The finalized document, dated September 12, outlines that duties will increase to 100 percent on electric vehicles, 50 percent on solar cells, and 25 percent on electric vehicle batteries, steel, aluminum, face masks, and other products starting September 27. A 50 percent tariff hike on semiconductors will be implemented next year. Meanwhile, tariffs on items such as non-electric vehicle batteries, medical gloves, and permanent magnets will gradually rise over the next two years.
Katherine Tai explained in the press release, “Today’s finalized tariff increases will target the harmful policies and practices of the People's Republic of China that continue to impact American workers and businesses.” She emphasized that these measures are designed to protect “American workers and businesses in the face of unfair trade practices.”
Since 2018, United States officials have increasingly tightened economic restrictions against China, labeling it as America’s top "competitor." This effort began under former President Donald Trump and has continued under Biden, despite repeated warnings from Beijing, which has promised to retaliate.
China has criticized these actions, with former Chinese Foreign Ministry spokesperson Wang Wenbin stating that the United States measures “violate global trade rules.” Foreign Minister Wang Yi called them “the most typical form of bullying,” accusing Washington officials of “losing their minds in order to maintain their unipolar hegemony.” Russian President Vladimir Putin also condemned the tariffs in May, saying they are intended to stifle competition, particularly in the electric vehicle market where China has advanced. Tesla CEO Elon Musk similarly criticized the tariffs on Chinese electric vehicles as “not good,” claiming they “inhibit freedom of exchange” and “distort the market.”
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