US to raise tariffs on $18 bn of China imports including chips
Washington, United States – AFP
The United States is hiking tariffs on $18 billion worth of Chinese imports, targeting strategic sectors like electric vehicles, batteries, steel and critical minerals, the White House said Tuesday.
The decision — which drew a fiery response from Beijing — comes as President Joe Biden gears up for a re-run of his 2020 contest with Republican rival Donald Trump in November’s election, with officials criticizing Trump’s record on trade as they made the announcement.
The tariff rate on EVs is set to quadruple to 100 percent this year while the tariff for semiconductors will surge from 25 percent to 50 percent by next year, the White House said.
The action is aimed at encouraging China to “eliminate its unfair trade practices regarding technology transfer, intellectual property and innovation,” it added.
This follows a review of tariffs imposed during a trade war between Washington and Beijing, during which then-president Trump introduced levies on some $300 billion in goods from China.
China’s commerce ministry warned that the new tariffs would “severely affect the atmosphere for bilateral cooperation,” urging Washington to cancel the measures.
Calling this a politicization of economic issues, Beijing added that it “resolutely opposes” the actions.
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