US says tariff increases on Chinese EVs, batteries and chips to start Aug 1
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The US Trade Representative's office announced that some of the steep US tariff increases on Chinese imports, including electric vehicles (EVs) and their batteries, computer chips, and medical products, will take effect on August 1. President Joe Biden will maintain tariffs put in place by his predecessor Donald Trump while increasing others, such as quadrupling import duties on Chinese EVs to over 100% and doubling semiconductor duties to 50%. The United States is seeking public comments on the proposed tariff increases until June 28. The new measures will affect $18 billion worth of current imported Chinese goods, including steel, aluminum, semiconductors, electric vehicles, critical minerals, solar cells, and cranes. The largest categories affected are lithium-ion batteries, which make up $13.2 billion of the targeted imports from China in 2023. The US imported $427 billion in goods from China in 2023 and exported $148 billion to China. The Retail Industry Leaders Association expressed concern about the product exclusions set to expire at the end of the month. US Trade Representative Katherine Tai has justified the revised tariffs by accusing China of stealing US intellectual property. The Chinese Embassy in Washington stated that China will take necessary measures to defend its rights and interests and that the tariff hike will disrupt economic and trade cooperation between China and the US. Beijing recently announced a new anti-dumping probe on certain industrial plastics from the US, Europe, Japan, and Taiwan. US Treasury Secretary Janet Yellen is pushing for G7 allies to jointly push back on China's industrial policies.
#UschinaTrade #Tariffs #ElectricVehicles #Batteries #ComputerChips
https://www.asiaone.com/world/us-says-tariff-increases-chinese-evs-batteries-and-chips-start-aug-1
AsiaOne /
npub1zh…0p8wn
2024-05-23 05:16:06
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npub1zhjr05pfsfatj93qpucqqym5hcrws0hcy5gdrcf0faws59wxzy4s20p8wnPublished at
2024-05-23 05:16:06Event JSON
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"content": "US says tariff increases on Chinese EVs, batteries and chips to start Aug 1\n==========\n\nThe US Trade Representative's office announced that some of the steep US tariff increases on Chinese imports, including electric vehicles (EVs) and their batteries, computer chips, and medical products, will take effect on August 1. President Joe Biden will maintain tariffs put in place by his predecessor Donald Trump while increasing others, such as quadrupling import duties on Chinese EVs to over 100% and doubling semiconductor duties to 50%. The United States is seeking public comments on the proposed tariff increases until June 28. The new measures will affect $18 billion worth of current imported Chinese goods, including steel, aluminum, semiconductors, electric vehicles, critical minerals, solar cells, and cranes. The largest categories affected are lithium-ion batteries, which make up $13.2 billion of the targeted imports from China in 2023. The US imported $427 billion in goods from China in 2023 and exported $148 billion to China. The Retail Industry Leaders Association expressed concern about the product exclusions set to expire at the end of the month. US Trade Representative Katherine Tai has justified the revised tariffs by accusing China of stealing US intellectual property. The Chinese Embassy in Washington stated that China will take necessary measures to defend its rights and interests and that the tariff hike will disrupt economic and trade cooperation between China and the US. Beijing recently announced a new anti-dumping probe on certain industrial plastics from the US, Europe, Japan, and Taiwan. US Treasury Secretary Janet Yellen is pushing for G7 allies to jointly push back on China's industrial policies.\n\n#UschinaTrade #Tariffs #ElectricVehicles #Batteries #ComputerChips\n\nhttps://www.asiaone.com/world/us-says-tariff-increases-chinese-evs-batteries-and-chips-start-aug-1",
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