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President of the United States, Joe Bidenannounced this Tuesday new tariffs value $18 billion on imports of products from China, of which the most affected electric vehicles with
President of the United States, Joe Bidenannounced this Tuesday new tariffs value $18 billion on imports of products from China, of which the most affected electric vehicles with taxes that go from 25% to 100%.
The new tariffs affect industries that the White House calls “vital to the economic future and national security USA”, such as steel, aluminum, semiconductors, electric vehicles, batteries, solar panels, ship unloading cranes and medical products.
The announcement is out in full election campaign November 5 and as Biden, seeking re-election, took increasingly tougher on China even as he opened a dialogue with Beijing in an attempt to win over the US working class and distance it from former President Donald Trump, the future Republican nominee.
Some of the tariffs announced by the White House in the statement will take effect on 2025 or 2026so its actual implementation will depend on who wins the election.
Photo: EFE
The strongest tariff affects electric vehicles and this year will increase from 25% to 100%.
This huge growth is in response to a significant increase in electric vehicle exports from China to the US, which grew by 70% between 2022 and 2023, which Washington perceives as threat to develop the domestic market for these cars.
Biden even wants two thirds of new cars sold in USA electric in 2032, and to this end it has promoted various programs to stimulate its production.
Another significant increase in tariffs comes at batteries used in electric vehiclesa market in which China controls 80% thanks to its dominance in the extraction, processing and processing of critical minerals.
In particular, according to the White House, fees from lithium ion batteries this year will increase from 7.5% to 25%, and the tariff for lithium-ion batteries not intended for electric vehicles will increase from 7.5% to 25% in 2026.
Tariff for battery parts this year will increase from 7.5% to 25%, and natural graphite and permanent magnets in 2026 will increase from 0% to 25%. Finally, the tariff for others critical minerals in 2024 will increase from 0% to 25%.
Photos: Canva/AN Treatment
Near clean energyAlso tariffs will increase on solar panels, the share of which will grow from 25% to 50% this year.
Semiconductors will suffer the same growth, although in this case the growth will occur in 2025.
This increase is aimed at increasing national semiconductor productionsupported investment 53 billion dollars which Congress approved in 2022 and which aims to avoid the kind of price increases seen during the pandemic in sectors such as autos and appliances.
The White House also announced tariffs on ship unloading craneswhich this year will increase from 0% to 25%, and for medical products.
In the latter case, fees syringes and needles in 2024 will increase from 0% to 50%, and for personal protective equipment such as respirators and masks. Besides, medical gloves and surgical rubber, tariffs will increase from 7.5% to 25% in 2026.
In his statement The White House has tried to differentiate between these fees.targeting specifically the sectors in which Biden has invested, and “indiscriminate tariffs” which he believes Trump imposed when he was president.
During his time in office, Trump imposed tariffs on hundreds of billions of Chinese goods, to which Beijing responded with tariff increases, sparking a trade war that has had negative consequences for global growth.
EFE
Source: Aristegui Noticias
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