Biden targets China — and Trump — with new tariffs

Share on email is launching a preemptive strike against cheap Chinese imports of electric vehicles, batteries, solar equipment and other goods with aggressive new tariffs on Tuesday.It's a long-term protectionist play to allow America's nascent green technology, infrastructure and manufacturing industries — which Biden is subsidizing with overto co-opt Trump on some of the former president's perceived strengths: China, the border and relations with the business community.

The goal: to ensure that U.S. green tech and manufacturing industries are "not undercut by a flood of unfairly underpriced exports from China in areas like EVs batteries, vital medical equipment, steel and aluminum semiconductors and solar, " Lael Brainard, the director of the National Economic Council, told reporters.

But there are clear risks attached to Biden's strategy. For one, five months ahead of the election, Biden could escalate a trade war with Beijing. That could have negative consequences for an economyBiden officials said they didn't know how — or if — Beijing will retaliate. But they do expect Beijing to speak out publicly.

"Hopefully we will not see a significant Chinese response — but that's always a possibility," Treasury Secretary Janet Yellen told Bloomberg.For EVs, the tariff rate will increase from 25% to 100% in 2024.For solar cells: 25% to 50% in 2024.Biden officials argue that their tariffs will not add to U.S. inflation because the amount of goods they are targeting is too small.

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