OAN’s Stephanie Myers
8:56 AM – Wednesday, May 15, 2024
The Biden administration unveiled a new round of tariffs on $18 billion of Chinese imports. The White House said the tariff increases will protect American workers and businesses in response to China’s unfair trade practices.
The new tariffs will target Chinese electric vehicles, steel and aluminum, semiconductors, batteries, solar cells, and medical products.
The tariff increases from Chinese imports that will go into 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 25% to 50%, steel and aluminum from 0%-7.5% to 25%, ship-to-shore cranes from 0% to 25%, syringes and needles from 0% to 50%
Starting in 2025, the tariff rate on semiconductors will double from 25% to 50%.
“China heavily subsidized all these products, pushing Chinese companies produce far more than the rest of the world can absorb then dumping the excess products onto the market and unfairly low prices driving other manufacturers around the world out of business,” Biden said.
China criticized the move and pledged to take resolute measures to protect its interests, but did not detail what measures the country would take.
However, members of Biden’s cabinet praised the decision and said this move will make it a level playing field between the U.S. and China.
“President Biden is taking decisive action to ensure unfair trade practices do not threaten our competitiveness and economic security, while also strengthening American manufacturing. This is a strategic approach to trade policy that will help protect key U.S. industries, like the clean energy and semiconductor sectors,” Secretary of Commerce Gina Raimondo said.
However, not everyone is on board with the move, including members from the Democrat party.
Governor Jared Polis (D-Colo.) said the administration should drop tariffs in order to reduce inflation instead.
“This is horrible news for American consumers and a major setback for clean energy. Tariffs are a direct, regressive tax on Americans and this tax increase will hit every family,” Polis said on X.”
President Trump chastised Biden’s announcement and said he should have taken action three-and-a-half years ago.
“They also have to do it on other vehicles, and they need to do it on a lot of other products because China is eating our lunch right now,” Trump remarked.
Trump Campaign Press Secretary Karoline Leavitt released an official campaign statement, which said this is Biden’s attempt to ‘run cover’ for his electric vehicle mandate.
“If Joe Biden truly wanted to help U.S. auto workers, he would announce that he is rescinding his ridiculous EV mandate effective immediately. Far from being tough on China, Joe Biden is giving Chinese companies hundreds of billions of dollars in U.S. taxpayer subsidies through his so-called Inflation Reduction Act.”
Inflation and the economy continue to be key issues heading into the November general election as economists express concern over how the new tariffs will affect consumers.
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