In a move aimed at ensuring fair competition and protecting American workers, US President Joe Biden has imposed heavy tariffs on Chinese electric vehicles, batteries, steel, solar cells, and aluminum. These tariffs are designed to counter what the administration perceives as unfair trade practices by China.
The tariffs include a 100 percent duty on electric vehicles, a 50 percent tariff on semiconductors, and a 25 percent tariff on electric vehicle batteries from China.
In an address to the nation from the Rose Garden of the White House, Biden stated, “America can continue to buy any kind of car they want, but we’re never going to allow China to unfairly control the market for these cars. Period.” He emphasized his desire for fair competition with China, not conflict, and expressed confidence in America’s position to win the economic competition of the 21st century against China.
Biden accused the Chinese government of pouring state money into Chinese companies across various industries, including steel, aluminum, semiconductors, electric vehicles, solar panels, and critical health equipment like gloves and masks. He alleged that China heavily subsidized these products, enabling Chinese companies to produce far more than the global market could absorb and then dumping the excess products onto the market at unfairly low prices, driving other manufacturers worldwide out of business.
The President pointed out that Chinese companies do not need to worry about profitability because they receive substantial subsidies from the Chinese government. He also criticized China’s practice of forcing American companies to transfer their technology to do business in China, labeling it an anti-competitive tactic.
Biden emphasized that the new tariffs announced in key sectors of the economy are designed to ensure that US workers are not held back by unfair trade practices. He highlighted that American companies are investing tens of billions of dollars in electric vehicles and their batteries, and partners around the world are making similar investments, seeking a supply chain for electric vehicles that is not dominated by unfair trade practices from China.
Through these tariffs, the Biden administration aims to level the playing field for American workers and companies, promoting fair competition and protecting domestic industries from what it perceives as unfair trade practices by China.
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