Biden hits Chinese imports with 100% tariffs 🇨🇳

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Biden Imposes Tariffs on Chinese Imports

President Biden has announced a significant increase in tariffs on $18 billion worth of Chinese imports in sectors critical to national security, aiming to undermine China's technological advances and boost U.S. manufacturing. The tariff hikes, spanning the next two years, will affect products including steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes, and medical products. Notably, electric vehicles will see a tariff increase to 100%, solar components to 50%, and other sectors to 25%.

The move comes as a response to China's longstanding economic strategies that have been perceived as detrimental to fair competition, according to Lael Brainard, director of the White House National Economic Council. By implementing these tariffs, the Biden administration seeks to level the playing field, asserting that American workers are fully capable of outperforming others if given fair conditions.

This tariff policy builds on the foundations laid by former President Donald Trump, who had previously imposed tariffs on $300 billion in Chinese goods under a U.S. trade law provision that addresses national security threats. The effectiveness of these tariffs is mandated to be reviewed every four years, a policy continuity observed by the Biden administration.

Additionally, the administration has adjusted the scope of the tariff program to align with its policy priorities, particularly the transition to clean energy. This is part of a broader strategy to diversify global production and ensure resilient supply chains, especially in clean technology.

The announcement has stirred expectations of retaliation from China, which has historically responded with significant tariffs of its own. Chinese spokesperson Wang Wenbin has already criticized the unilateral tariff imposition as contrary to World Trade Organization rules, promising protective measures for China's interests.

Biden's decision, while expected to provoke diplomatic tensions, underscores his commitment to protecting American jobs and securing a competitive edge for the U.S. in critical industries as the 2024 presidential elections approach. This policy shift also includes specific actions like a new investigation into unfair shipbuilding practices and an executive order targeting foreign influences in U.S. national security areas. Full clip here

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