Biden to announce new China tariffs on electric vehicles, solar, chips and more
Written by ABC Audio ALL RIGHTS RESERVED on May 16, 2024
(WASHINGTON) — President Joe Biden on Tuesday will announce new tariffs on $18 billion worth of Chinese imports, including a sharp tax hike on electric vehicles, to help protect his administration’s investments in key sectors in the United States.
“The president’s actions ensure that American businesses and workers have the opportunity to compete on a level playing field in industries that are vital to our future such as clean energy and semiconductors,” National Economic Advisor Lael Brainard told reporters.
The targets of the tariffs include EVs, solar cells, steel, aluminum, semiconductors, advanced batteries, critical minerals, solar and medical products.
Biden will give remarks on the decision in the White House Rose Garden on Tuesday afternoon.
The election-year actions come as Biden looks to project himself as tougher on China than his predecessor, and expected 2024 rival, former President Donald Trump. Trump imposed some $300 billion in tariffs on Chinese goods during his administration, many of which are expected to remain in place.
President Joe Biden on Tuesday will announce new tariffs on $18 billion worth of Chinese imports, including a sharp tax hike on electric vehicles, to help protect his administration’s investments in key sectors in the United States.
“The president’s actions ensure that American businesses and workers have the opportunity to compete on a level playing field in industries that are vital to our future such as clean energy and semiconductors,” National Economic Advisor Lael Brainard told reporters.
The targets of the tariffs include EVs, solar cells, steel, aluminum, semiconductors, advanced batteries, critical minerals, solar and medical products.
Biden will give remarks on the decision in the White House Rose Garden on Tuesday afternoon.
The election-year actions come as Biden looks to project himself as tougher on China than his predecessor, and expected 2024 rival, former President Donald Trump. Trump imposed some $300 billion in tariffs on Chinese goods during his administration, many of which are expected to remain in place.
Tariffs on certain steel and aluminum products will increase from 7.5% to 25%, according to the White House. Semiconder tariffs will double from 25% to 50% and certain medical equipment (including PPE, surgical gloves and respirators) will be subject to a 25% tariff.
The biggest increase will be on Chinese EVs, which will quadruple from a 25% tariff to 100%.
Brainard said the hike was to “offset China’s unfair practices and subsidies and level the playing field for U.S. automakers and auto workers.”
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