President Joe Biden’s government intends to impose new tariffs on imports of electric vehicles, semiconductors, solar equipment and medical supplies from China, the AP reported, citing people involved in the plan.
In particular, tariffs for electric vehicles could quadruple, raising them from the current 25% to 100%.
The plan was described on the condition that sources of information not be identified as they were not authorized to detail it before it was officially announced.
The new tariffs, expected to be announced Tuesday, come after several Biden administration officials expressed frustration over China’s “overcapacity” in electric vehicles and other products that they say threaten jobs and the nation. US security.
Industrialized countries, including the United States and its European allies, fear that a wave of cheap Chinese imports will drown their domestic industries.
In the case of the US, there are concerns that Chinese clean energy products will undermine the massive investments in response to climate change included in the Inflation Reduction Act, which President Biden signed into law in August 2022.
Tuesday’s announcement would preserve some of the tariffs created under Donald Trump’s administration and levied on goods with a market value of $360 billion.
Now syringes and solar equipment should be among the goods subject to tax.
There are some signs that China is winding down production of lithium batteries used in electric cars, mobile phones and other electronic goods as they face growing criticism in the West.
More radically, Ohio Democratic Sen. Sherrod Brown said on social media Friday that “tariffs are not enough. We need to ban Chinese electric cars in the US. Dot”.
Treasury Secretary Janet Yellen, who visited Guangzhou and Beijing in early April, cited the production of electric vehicles and their batteries, as well as solar energy equipment (industries the Biden administration is seeking to develop domestically), as areas where Chinese government subsidies have prompted rapid production expansion.
“China is now, simply put, too big for the rest of the world to absorb its enormous power. His actions today could change world prices,” he said during a speech in Beijing.
The plan for new customs tariffs was covered by Bloomberg News and The Wall Street Journal.
Author: Lusa
Source: CM Jornal

I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.