President Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing’s development of critical technologies and instead prioritize US production.
The increases will apply to imported steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes and medical products. The new tariff rates – which range from 100% on electric vehicles, to 50% for solar components, to 25% for all other sectors – will take place over the next two years.
“It was important to have a large enough step-up in the tariffs to ensure that we try to level the playing field,” a second senior administration official said. Beijing has been known to introduce costly counterpunches. After Trump unveiled his wide-ranging tariff policy, China slapped tariffs on $101.4 billion in US exports, retaliation that the Brookings Institute estimated affected 294,000 American export-related jobs. The White House has declined to speculate on how Beijing may hit back now.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden hiking tariffs on Chinese EVs, solar cells, steel, aluminum - adding to tensions with BeijingThe Biden administration is announcing plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment. It's an election-year move that’s likely to increase friction between the world’s two largest economies.
Read more »
Jennifer Lopez’s Peek-a-Boo Pants Inspired Me to Find 5 Similar Styles From $18Jennifer Lopez wore a bra-baring mesh blouse and see-through wide-leg pants. An InStyle editor found five similar sheer and lined pants on Amazon for less than $50.
Read more »
This $18 Time and Tru Cross Back Dress Is Perfect for Any SeasonWalmart is known for selling stylish, affordable clothing — we found a cute $18 cross back dress that's perfect for spring!
Read more »
$18 Mocktail Satisfies Craving To Waste MoneyDENVER—Finding it an adequate substitute for the alcohol she used to consume during an evening of social drinking, local woman Candice Cooper told reporters Thursday that an $18 mocktail helped her satisfy the craving she still had to waste money.
Read more »
Jury awards California sisters $18 million from insurance company that offered only $5,000 for storm damageThe Southern California residents, who went without heat at their home for years, were awarded $12 million in punitive damages.
Read more »
This Breezy $18 Spring Dress Feels “Like a Giant T-Shirt,” Per Amazon ShoppersThe Hanes Originals Midi Dress is on sale for $18 at Amazon just in time for spring and summer. Shop the breezy T-shirt dress in three colorways while it’s still marked down.
Read more »