2024-05-11 20:36:11
The United States intends to expand restrictions imposed on trade relations with China during the coming period, including increasing duties imposed on Chinese trade in strategic sectors in which Washington fears Chinese activities.
According to a report published by the British newspaper “The Guardian”, US President Joe Biden is expected to announce new tariffs on Chinese trade early next week, with the duties focusing on strategic sectors, including electric cars, in a review of the measures that were applied for the first time. Once during the era of Donald Trump.
According to the report, the announcement scheduled to be issued next Tuesday will maintain the comprehensive tax increases imposed by the Trump administration, but will add targeted fees on industries related to electric cars, including batteries and solar cells.
This plan is the culmination of a review of comprehensive tariffs imposed on Beijing that began in 2018, when during the Trump presidency Washington imposed a 27.5% tax on Chinese electric car imports, which Biden has since extended.
The Guardian says that if the new restrictions are imposed, tariffs on electric cars will represent one of Biden’s biggest moves in the trade war with China.
Last month, the president launched an investigation into China’s shipping industry along with a call for higher tariffs on Chinese steel and aluminum as part of an appeal to unionized workers ahead of the presidential election scheduled for next November.
While China does not sell electric vehicles directly in the United States, it has majority stakes in other overseas companies that sell Chinese-made cars. Political leaders fear Chinese electric vehicle imports because China is able to undercut American manufacturers’ prices, while including more powerful batteries and advanced technology.
The American Manufacturing Alliance, a group that supports restrictions on Chinese imports, said that introducing Chinese cars into the American market would be a “major event” for American automakers.
The European Union and the United States are suffering from a flood of cheap imports from China against the backdrop of President Xi Jinping’s strategy to boost manufacturing as he tries to transform the economy. Restrictions on imports of Chinese “smart cars” would also address security concerns, as many of them have devices that can be hacked.
The White House said that Internet-connected cars could use cameras and sensors to collect details about and interact with critical US infrastructure.
Last March, Trump said that if he were elected president later this year, he would impose a 100% tariff on “every car that comes down the line” from Chinese-owned factories. “They won’t sell those cars,” he said. He also promised to raise taxes on all Chinese imports by 60%, an approach that critics say will raise prices for American consumers already suffering from inflation.
Last updated: May 11, 2024 – 18:37
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2024-05-11 20:36:11