President Biden Announces New Wave of Tariffs on Chinese Goods, Focus on Electric Vehicles and More

President Biden announced on Tuesday a new wave of tariffs on a variety of Chinese goods, emphasizing the need for fair competition for American workers. Speaking at the White House, Biden accused the Chinese government of “cheating” through heavy state subsidies and artificially low global market prices.

One of the key focuses of the tariffs is on electric vehicles, with duties in that category set to quadruple from 25% to 100% this year. Biden declared that the “future of electric vehicles will be made in America by union workers.”

In addition to electric vehicles, the tariffs will also target steel, aluminum, semiconductors, medical devices, and more, with plans to raise duties on $18 billion in Chinese imports. This move comes as Biden prepares for a potential rematch against former President Donald Trump.

Notably, Biden’s actions do not include lowering the more than $300 billion in Trump-era duties on China. Instead, he is building on Trump’s policy and adding new tariffs on specific sectors.

National economic adviser Lael Brainard stated that Biden’s approach combines investment at home with enforcement against China in key sectors. She also criticized Trump’s trade record, saying that his policies did not deliver and would lead to inflation.

Most of the new tariffs are expected to be implemented quickly, while others, such as those on semiconductors and batteries, will phase in more slowly in the coming years. The administration’s goal is to level the playing field for American workers and ensure fair competition in the global market.