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Tuesday, July 16, 2024

Biden’s New Tariffs on Chinese Imports: Protecting American Interests

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Biden Announces New China Tariffs

President Joe Biden has made a significant announcement regarding new tariffs on Chinese imports amounting to $18 billion. The purpose of these tariffs is to safeguard the investments made by the Biden administration in key sectors within the United States. The targeted imports include electric vehicles (EVs), solar cells, steel, aluminum, semiconductors, advanced batteries, critical minerals, solar products, and medical products.

Protecting American Workers

In a statement delivered from the White House rose garden, President Biden emphasized the importance of fair competition in the global market. He expressed confidence in the capability of American workers to outperform others, provided that the competition is conducted on a level playing field. Biden stressed that fairness has been lacking in trade practices for an extended period, stating, “American workers can outwork and outcompete anyone, as long as the competition is fair, but for too long it hasn’t been fair.”

The President specifically addressed China’s trade policies, accusing the country of engaging in unfair practices. He highlighted the issue of heavy subsidies provided by China to its domestic companies, leading to an excessive production that surpasses global demand. This surplus is then allegedly dumped into the market at unreasonably low prices, resulting in adverse effects on manufacturers worldwide, ultimately driving them out of business. Biden’s strong stance against these practices is evident in his assertion that “it’s not competition, it’s cheating.”

Biden’s Position Compared to Trump’s

These actions, announced in an election year, are indicative of Biden’s intent to position himself as being tougher on China compared to his predecessor, former President Donald Trump. During his administration, Trump had imposed approximately $300 billion in tariffs on Chinese goods, with many of these tariffs expected to remain in effect.

The decision to implement new tariffs reflects the Biden administration’s commitment to protecting American interests and fostering fair competition in the global market.

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