Saturday, May 25th, 2024

US President Biden increases tariffs on imports of electric vehicles, other goods from China

US President Joe Biden has asked his trade representative to raise tariffs on $18 billion of imports from China, including semiconductors, solar cells, batteries and critical minerals, to ‘protect’ American workers and businesses, the White House said in a statement on Tuesday. Has been instructed. ,

The White House said the decision came in response to China’s ‘unfair trade practices’ and to counter the resulting harm.

“China’s unfair trade practices related to technology transfer, intellectual property, and innovation are putting American businesses and workers at risk. China is flooding global markets with artificially low-priced exports. In response to China’s unfair trade practices and to counter the resulting harms, today, President Biden is directing his Trade Representative to repeal the Trade Act of 1974 on US$18 billion of imports from China to protect American workers and businesses. Instructions are being given to increase the tariff under Section 301. read the White House statement.

The statement on increased tariffs on imports from China also said that the Chinese government has used unfair and non-market practices for too long.

“China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80 and even 90 percent of global production of critical inputs needed for our technologies, infrastructure, energy and health care – thereby This poses an unacceptable risk to America’s supply chains. and economic security,” the White House said.

“Furthermore, these same non-market policies and practices contribute to China’s expanding capacity and export growth that threaten to significantly harm American workers, businesses, and communities.”

The US and the EU have often expressed their concern over “industrial overcapacity” in China that is affecting their domestic companies.

US Treasury Secretary Janet L Yellen met the Economic Working Group (EWG) and Financial Working Group (FWG) between the US and China following her visit to Beijing and Guangzhou in April this year. “The US delegation continued to express concerns about China’s non-market practices and industrial overcapacity,” the US Treasury Department said after the meeting.

According to a readout of the meeting, “Both sides agreed to discuss these issues further.”

At a meeting between Xi Jinping and French President Emmanuel Macron, European Commission President Ursula von der Leyen urged the visiting Chinese president to stop “subsidized exports flowing from your country’s factories to Western countries,” the NYT reported. Urged to address “Wave”.

“These subsidized products – such as electric vehicles or, for example, steel – are flooding the European market,” von der Leyen said. “The world cannot absorb China’s surplus production,” von der Leyen was quoted in the American daily.

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