{"id":112214,"date":"2024-05-15T03:10:05","date_gmt":"2024-05-15T07:10:05","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=112214"},"modified":"2024-05-15T03:10:05","modified_gmt":"2024-05-15T07:10:05","slug":"trade-war-biden-slams-new-tariffs-on-chinese-imports","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/05\/15\/trade-war-biden-slams-new-tariffs-on-chinese-imports\/","title":{"rendered":"Trade War: Biden Slams New Tariffs On Chinese Imports"},"content":{"rendered":"

The President of the United States, Joe Biden<\/a> has slammed major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminium and medical equipment, taking potshots at Donald Trump along the way as he embraced a strategy that\u2019s increasing friction between the world\u2019s two largest economies.<\/strong><\/p>\n

The President who spoke on Tuesday stressed that the move became necessary because the Chinese government subsidies ensure the nation\u2019s companies do not have to turn a profit, giving them an unfair advantage in global trade.<\/p>\n

\u201cAmerican workers can outwork and outcompete anyone as long as the competition is fair,\u201d Biden said in the White House Rose Garden.<\/p>\n

\u201cBut for too long, it hasn\u2019t been fair. For years, the Chinese government has poured state money into Chinese companies \u2026 it\u2019s not competition, it\u2019s cheating.\u201d<\/p>\n

Meanwhile, China has promised retaliation in the coming days. Its Ministry of Commerce said Beijing was opposed to the tariff hikes by the United States and would take measures to defend its interests.<\/p>\n

Biden will keep tariffs put in place by his Republican predecessor Donald Trump while ratcheting up others, including a quadrupling of EV duties to more than 100 percent and doubling the duties on semiconductor tariffs to 50 percent.<\/p>\n

Africa Today News, New York reports that the new measures affect $18bn in imported Chinese goods including steel and aluminium, semiconductors, electric vehicles, critical minerals, solar cells and cranes, the White House said. The EV figure, while headline-grabbing, may have more political than practical impact in the US, which imports very few Chinese EVs.<\/p>\n

Read Also: <\/strong>Trump Accuses Biden Of Supporting Hamas Against Israel<\/a><\/em><\/p><\/blockquote>\n

The US imported $427bn in goods from China in 2023 and exported $148bn to the world\u2019s number-two economy, according to the US Census Bureau, a trade gap that has persisted for decades and become an ever more sensitive subject in Washington.<\/p>\n

US Trade Representative Katherine Tai said the revised tariffs were justified because China was stealing US intellectual property. But Tai recommended tariff exclusions for hundreds of industrial machinery import categories from China, including 19 for solar product manufacturing equipment.<\/p>\n

The tariffs come in the middle of\u00a0a heated campaign\u00a0between\u00a0Biden and Trump, his Republican predecessor, to show who\u2019s tougher on China.<\/p>\n

Asked to respond to Trump\u2019s comments that China was eating the US\u2019s lunch, Biden said of his rival, \u201cHe\u2019s been feeding them a long time.\u201d The Democrat said Trump had failed to crack down on Chinese trade abuses as he had pledged he would do during his presidency.<\/p>\n

Karoline Leavitt, the Trump campaign\u2019s press secretary, called the new tariffs a \u201cweak and futile attempt\u201d to distract from Biden\u2019s own support for EVs in the United States, which Trump says will lead to layoffs at car factories.<\/p>\n

Administration officials said their measures are combined with domestic investment in key industries and unlikely to worsen a bout of inflation that has already angered US voters.<\/p>\n

Biden has struggled to convince voters of the efficacy of his economic policies despite a backdrop of low unemployment and above-trend economic growth. A Reuters\/Ipsos poll last month showed Trump had a seven percentage-point edge over Biden on the economy.<\/p>\n

Analysts have warned that a trade tiff could\u00a0raise costs\u00a0for EVs overall, hurting\u00a0Biden\u2019s climate goals and his aim to create manufacturing jobs.<\/p>\n

Biden has said he wants to win this era of competition with China but not to launch a trade war. He has worked in recent months to ease tensions in one-on-one talks with Chinese President Xi Jinping.<\/p>\n

Both 2024 US presidential candidates have departed from the free-trade consensus that once reigned in Washington, a period capped by China\u2019s joining the World Trade Organization in 2001. Trump\u2019s broader imposition of tariffs during his 2017-2021 presidency kicked off a tariff war with China.<\/p>\n

As part of the\u00a0long-awaited tariff update,\u00a0Biden\u00a0will\u00a0increase\u00a0tariffs this year from 25 percent to 100 percent on EVs, bringing total duties to 102.5 percent, from 7.5 percent to 25 percent on lithium-ion EV batteries and other battery parts and from 25 percent to 50 percent on photovoltaic cells used to make solar panels. Some critical minerals will have their tariffs raised from nothing to 25 percent.<\/p>\n

More tariffs will follow in 2025 and 2026 on semiconductors, as well as lithium-ion batteries that are not used in electric vehicles, graphite and permanent magnets, as well as rubber medical and surgical gloves.<\/p>\n

Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The President of the United States, Joe Biden has slammed major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminium and medical equipment, taking potshots at Donald Trump along the way as he embraced a strategy that\u2019s increasing friction between the world\u2019s two largest economies. The President who spoke on Tuesday stressed […]<\/p>\n","protected":false},"author":9,"featured_media":112215,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[3],"tags":[7143,14841,15144,14840],"class_list":["post-112214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-china","tag-donald-trump","tag-joe-biden","tag-united-states","pmpro-has-access"],"yoast_head":"\nTrade War: Biden Slams New Tariffs On Chinese Imports<\/title>\n<meta name=\"description\" content=\"The President of the United States, Joe Biden has slammed major new tariffs on Chinese electric vehicles, advanced batteries, solar\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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