To curb China’s economic influence, the United States is implementing new strategies. The White House has revealed a significant increase in tariffs on $18 billion worth of Chinese imports, including semiconductors, steel, aluminum, and electric vehicles (EVs). Notably, the tariff on EVs will surge from 25 percent to 100 percent, a move aimed at safeguarding American manufacturers. Recent data shows a 70 percent growth in China’s EV exports between 2022 and 2023.
Moreover, there are substantial tariff hikes on other products. Semiconductors and solar cells will see an increase from 25 percent to 50 percent, while batteries will face a raise from 7.5 percent to 25 percent. Medical items like needles and syringes will also be impacted, with tariffs rising from zero percent to 50 percent.
The Biden administration emphasizes the need for U.S. companies to have a fair chance to compete with Chinese imports. The goal is to address China’s unfair trade practices and level the playing field.
2024-05-14 08:00:47
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