Biden lifts tariffregime on $27b worth China imports
Washington | The Biden administration willincrease tariffs on $US18 billion ($27.2 billion) worth of Chinese products in anelection year move that increases friction between the world’s two largesteconomies.
Following a four-year review on trade with China, President JoeBiden will not only keep the tariffs put in place by Donald Trump but ratchetup others, including a quadrupling of electric vehicle duties toover 100 per cent, doubling the duties on semiconductor tariffs to 50 per cent,and more than tripling the tariff on lithium-ion EV batteries
China’s forced technology transfers and intellectual propertytheft have contributed to its control of 70, 80, and even 90 per cent of globalproduction for the critical inputs necessary for our technologies,infrastructure, energy, and health care—creating unacceptable risks toAmerica’s supply chains and economic security,” the White House said in astatement on Tuesday (Wednesday AEST).
China immediately vowedretaliation. Its commerce ministry said Beijing was opposed to the US tariff hikesand would take measures to defend its interests
Biden lifts tariffregime on $27b worth China importsWashington |...
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