Biden announced increased tariffs on Chinese goods

US President Joe Biden has accused China of cheating in addition to announcing tariffs on a wide range of Chinese products.
According to Voice of America news, US President Joe Biden on May 14 a significant increase in tariffs on a number of Chinese goods, including electric cars, computer chips, solar panels, critical minerals, and medical products.
In a speech at the White House, Biden said: “The reality is that American workers can do better and compete better than anyone else, as long as the competition is fair. There is injustice in this matter. For many years, China has injected state capital into companies in a variety of industries.
Biden emphasized that as a result of China's massively subsidized production of its products, it exceeds international demand, and then China pours products into the international market at very low prices, which has caused the collapse of businesses around the world.
Biden also criticized China's fraudulent behavior, saying: "Sometimes they are openly stealing with cyber espionage and other internationally recognized means of archiving."
While Biden's plan to increase tariffs on $18 billion in Chinese goods is not a big part of the total US-China trade volume, it is seen as a big problem for China, which relies on foreign trade to support its economy.
The Biden administration's new tariff decision, in turn, is also likely to hit new energy industries where China is building factories in East Turkistan and using Uyghur forced labor.
The American media is reporting that Biden's decision to increase tariffs on $18 billion worth of Chinese goods will make up a small part of the trade volume, but will completely block the dumping of Chinese electric cars in the United States.
The Biden administration's tariff decision comes amid concerns in the European Union about a flood of Chinese electric vehicles entering the European market. The EU has launched an investigation into Chinese electric vehicles in the fall of 2023. Following Xi Jinping's recent visit to France, European Commission President Ursula von der Leyen warned of a flood of Chinese electric cars receiving additional government aid to Europe, saying, "The world cannot afford to consume Chinese surplus products."
The new tariff plan will lead to a quadrupling of tariffs on Chinese electric vehicles. This decision by the Biden administration, which has warned China of overproduction and endangering the world economy, is considered the largest tariff on Chinese products since former US President Donald Trump. It is said that this will intensify the already intense friction between the United States and China.

52 people read this News!
15/05/2024
COMMENTS
Leave a comment
There are 0 comment.