Biden imposes new tariffs on China to prevent unfair control of EV market.
President Biden has taken a strong stance against China’s dominance in the electric vehicle market by announcing an increase in tariffs on $18 billion worth of Chinese imports. This move is part of the administration’s efforts to prevent Beijing from unfairly controlling the market for electric vehicles, as stated by President Biden in a speech at the White House.
The new measures include raising the tariff rate on electric vehicles from 25% to 100% this year, along with hikes on tariffs in “strategic sectors” such as steel, aluminum, semiconductors, batteries, and solar cells. According to the White House, China heavily subsidizes these products, leading to an oversupply that drives other manufacturers out of business with unfairly low prices.
President Biden emphasized the importance of fair competition with China rather than conflict, stating that the U.S. is in a strong position to win economic competition in the 21st century due to investing in America and American workers. These tariff hikes come after former President Donald Trump imposed tariffs on Chinese goods in response to violations of U.S. intellectual property laws.
While former presidential candidate Biden initially spoke out against Trump’s tariffs, they have now become a permanent feature of U.S. policy towards China. The current administration’s actions have drawn criticism from China, which describes the tariffs as “bullying” and harmful to bilateral cooperation. The Trump campaign has also condemned the new tariffs, claiming that they are a distraction from the negative effects of Biden’s Electric Vehicle mandate on the U.S. auto industry.
Overall, the decision to increase tariffs on Chinese imports reflects the Biden administration’s commitment to promoting fair competition and protecting American workers from unfair trade practices. Despite criticism from China and opposition from the Trump campaign, President Biden remains firm in his resolve to level the playing field and ensure a market that benefits American industries.
