Biden moves ahead on tariff hikes for numerous Chinese goods
President Joe Biden will announce Tuesday that his administration is raising tariffs on $18 billion of Chinese exports, including electric vehicles, as the White House tries to fight what it says are unfair trade practices by its global competitor.
WASHINGTON — President Joe Biden will announce Tuesday that his administration is raising tariffs on $18 billion of Chinese exports, including electric vehicles, as the White House tries to fight what it says are unfair trade practices by its global competitor.
The move by the U.S. escalates what some economists see as a volatile trade war with China as the world’s two biggest economies wrestle for supremacy.
The White House said the tariff rate for electric vehicles will quadruple, rising from 25% to 100% this year. China’s leading EV manufacturer, BYD, sells the automobiles for as low as $10,000.
An aerial view of electric cars for export stacked at the international container terminal of Taicang Port in Suzhou, in China's eastern Jiangsu Province, on April 16, 2024.AFP via Getty Images file“China’s using the same playbook it has before to power its own growth at the expense of others by continuing to invest despite excess Chinese capacity and flooding global markets with exports that are underpriced due to unfair practices,” Lael Brainard, the White House national economic adviser, said on a call with reporters. “China’s simply too big to play by its own rules.”
China has denied the overcapacity accusation as “groundless” and accuses the U.S. of trying to prevent global competition.
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