New US tariffs hike targets China’s semiconductors, electric vehicles

Biden announces massive tariff hike on Chinese imports worth $18B

In a potential trigger for a new trade war with Beijing, the Biden administration on Tuesday increased tariffs on Chinese imports worth $18 billion.

It is to “protect American workers and businesses,” said the White House in a statement.

“China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers,” said the statement, adding that Beijing was “flooding global markets with artificially low-priced exports.”

On semiconductors, the statement said:“The tariff rate on semiconductors will increase from 25% to 50% by 2025.”

Targeting China’s electric vehicles, Washington will increase tariffs from 25% to 100% this year, it added.

It added that the tariff rate on lithium-ion electric vehicle batteries will increase from 7.5% to 25% this year.

Source: aa

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