US president Joe Biden has hiked tariffs on a wide range of Chinese goods, citing “unfair competition” from Beijing.
In an announcement by the White House, the Biden administration said it had increased tariffs on a number of Chinese imports, citing a need to protect US workers and secure its supply chains.
The tariffs hit a wide variety of sectors, including electric vehicles (EVs), green technology and critical minerals.
Some examples of the rate increases include:
A rise in tariffs on “certain steel and aluminium products” this year to 25%
A quadrupling of the tariff on EVs, from 25% to 100%, in 2024
A doubling of the tariffs on semiconductors, from 25% to 50%, by 2025
A rise to 25%, up from 7.5%, to batteries and battery parts later this year, with lithium-ion non-EV batteries increasing to 25% by 2026
Medical products – such as rubber gloves, syringes and personal protective equipment – will also see stiff hikes, up to 50% in the case of syringes and needles. Ship-to-shore cranes will also face a new 25% tariff.
CEO of Stellantis, Carlos Tavares, accused Biden of “very strong protectionism”, saying that tariffs would push up the price of vehicles for consumers.
Stellantis, which owns Vauxhall, launched a partnership with Chinese company Leapmotor to import cheap EVs into the UK and Europe on the same day that the US announced its tariff plan.
Biden’s moves come as he ramps up his political campaign ahead of the 2024 US presidential election.
His likely opponent, former Republican president Donald Trump, has pledged even higher tariff rates on Chinese imports, as high as 60%, and said he would also raise tariffs on all imports to 10%. The current rate for most goods is 3%.