Photo: Collected
The United States is increasing tariffs on imports from China to protect domestic businesses from Beijing’s "unfair trade practices," the White House said on Tuesday (14 May).
"In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses," the White House said in a statement.
China is now in control of up to 90% of global production of critical inputs necessary for various fields because of its "unfair, non-market practices," the statement read.
Under the newly imposed measure, tariffs on steel and aluminum products will rise from 0-7.5% to 25% this year, according to the statement, while the tariff rate on semiconductors will double in 2025. Meanwhile, the tariff rate on electric vehicles is expected to grow from 25% to 100%.
Beijing, for its part, vowed to take all the necessary steps to protect its interests from the adverse effects of the tariff hikes. China has always opposed unilateral tariff increases which "violate the rules of the World Trade Organization," Chinese Foreign Ministry spokesman Wang Wenbin told a briefing on Tuesday.
Messenger/Mumu
