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Biden Hikes Tariffs on Chinese Chips, Cars to Boost U.S. Manufacturing Ahead of 2024 Election
Through this, President Joe Biden has indicated that he is going to support the working-class voters in the crucial states, and thus he has boosted the tariffs on Chinese products, which includes electric vehicles, semiconductors, and solar cells, among others, to increase his support from the working-class voters.
The tariffs, which target imports worth $18 billion, are designed to shield American jobs and industries from unjust and subsidized Chinese exports.
The tariff on EVs imported from China will be raised from 25% to 100%, and the tariffs on lithium batteries and solar cells will also be increased incredibly. However, the tariffs on steel, aluminum, and personal protective equipment will also be raised.
The administration claims that these are targeted and will not significantly contribute to inflation. Biden’s decision is a way for him to be the unique skater of his trade policy from the 2024 potential rival(s), Trump, who has a 60% or more tariff on all Chinese products.
The president has embarked on a new economic agenda that focuses on the revival of U. S. manufacturing, especially in the high-tech areas such as EVs and clean energy. Though China and some analysts think that the tariffs are mostly symbolic, Biden is convinced that his strategy is a much more subtle way of influencing the Chinese threat.
The tariffs are supposed to start within 90 days of being announced, a period that will be carefully observed for signs of Chinese counteractions.
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