Following a four-year review on trade with China, US President Joe Biden will not only keep the tariffs put in place by Donald Trump, but ratchet up others.
Following a four-year review on trade with China, President Joe Biden will not only keep the tariffs put in place by Donald Trump but ratchet up others, including a quadrupling ofto over 100 per cent, doubling the duties on semiconductor tariffs to 50 per cent, and more than tripling the tariff on lithium-ion EV batteries and critical minerals.
. Its commerce ministry said Beijing was opposed to the US tariff hikes and would take measures to defend its interests.The Chinese foreign ministry spokesperson, Wang Wenbin, said the US was trampling on the principles of a market economy and international economic and trade rules.
“Trump and his MAGA Republicans want across-the-board tariffs on all imports from all countries, if re-elected. Well, that would drive up costs for families,” Mr Biden said. New analysis by Oxford Economics estimates the Biden tariff increases will have a barely noticeable impact on inflation, equal to just 0.01 per cent.
While the increase in tariffs is large, the scale of the tariffs is small. Last year, China exported just $US400 million in battery EVs to the US, while the European Union exported nearly $US7.5 billion to the US.The US-China Business Council expressed disappointment in the results of the review, and raised concerns with Mr Biden’s latest round of tariffs.
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