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  4. After harming TikTok, Biden's latest checkmate will impact China in billions as US sharply hikes tariffs 

After harming TikTok, Biden's latest checkmate will impact China in billions as US sharply hikes tariffs 

The White House says that the new measures impact $18 billion in Chinese imported goods including steel and aluminium, semiconductors, batteries, critical minerals, solar cells and cranes.

Edited By: Ajeet Kumar @Ajeet1994 Washington Published on: May 14, 2024 15:18 IST
US President Joe Biden
Image Source : AP US President Joe Biden

US President Joe Biden on Tuesday unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing in a bid to woo voters who give his economic policies low marks.

Biden will keep tariffs put in place by his Republican predecessor Donald Trump while ratcheting up others, the White House said in a statement citing "unacceptable risks" to US "economic security" posed by what it considers unfair Chinese practices that are flooding global markets with cheap goods.

The new measures impact $18 billion in Chinese imported goods including steel and aluminium, semiconductors, batteries, critical minerals, solar cells and cranes, the White House said. 

The United States imported $427 billion in goods from China in 2023 and exported $148 billion to the world's No. 2 economy, according to the US Census Bureau, a trade gap that has persisted for decades and become an ever more sensitive subject in Washington.

"China's using the same playbook it has before to power its own growth at the expense of others by continuing to invest, despite excess Chinese capacity and flooding global markets with exports that are underpriced due to unfair practices," White House National Economic Adviser Lael Brainard told reporters on a conference call.

Even as Biden's steps fell in line with Trump's premise that tougher trade measures are warranted, the Democrat took aim at his opponent in November's election. The White House said Trump's 2020 trade deal with China did not increase American exports or boost American manufacturing jobs, and it said the 10% across-the-board tariffs on goods from all points of origin that Trump has proposed would frustrate US allies and raise prices. Trump has floated tariffs of 60% or higher on all Chinese goods.

Administration officials said their measures are "carefully targeted," combined with domestic investment, plotted with close allies and unlikely to worsen a bout of inflation that has already angered US voters and imperilled Biden's re-election bid. They also downplayed the risk of retaliation from Beijing.

This is a developing story. More details will be added.

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