U.S. President Joe Biden is expected to impose fresh tariffs on China as early as next week, aimed at critical industries including electric vehicles, according to reports quoting sources.
One of the persons said that the entire announcement, which can come as soon as Tuesday, is anticipated to mostly keep the current taxes in place. The individual mentioned that an announcement may be postponed.
One of the persons said that some industries were also planned to include semiconductors and solar equipment.
There were conflicting reports on the exact amount or kind of tariffs that would be applied, but one person claimed that the government had focused on areas of interest within critical competitive and national security domains.
According to one of the people and another person familiar with the situation, the U.S. Trade Representative's office sent suggestions to the White House many weeks ago, but an official announcement was postponed while the package was discussed internally.
Democrat Joe Biden is running for reelection in November, and he plans to contrast his strategy with that of Republican rival Donald Trump, who has suggested universal tariffs that White House officials believe are excessively harsh and likely to cause inflation.
Both the U.S. Trade Representative's office and the White House declined to comment. The story was initially covered by Bloomberg News.
China may respond retaliatorily to the sanctions at a time when tensions between the two largest economies in the world are already high.
China responded with its own tariffs to Trump's more extensive tariffs throughout his administration from 2017 to 2021.
Despite asserting that the two nations have entered a new era of competitiveness, Biden has stated he does not seek a trade war with China.
The free-trade consensus that formerly ruled in Washington, which was culminated by China's admission to the WTO in 2001, has been drastically broken by both of the 2024 contenders.
Section 301 of the United States Trade Law was the basis for Biden's 2022 assessment of the Trump administration's actions. He advocated for far higher U.S. duties on Chinese metal imports last month, but according to a U.S. official, the products he targeted were limited and valued at more over $1 billion in steel and aluminium goods.
In addition, Biden declared that more duties may result from his probe into Chinese trade abuses in the shipbuilding, marine, and logistics industries.
Additionally, the Biden administration has been exerting pressure on Mexico, a neighbour, to forbid China from indirectly supplying the United States with its metal goods.
China has stated that the tariff measures hurt the US and global economies and are counterproductive.
(Source:www.economictimes.com)
One of the persons said that the entire announcement, which can come as soon as Tuesday, is anticipated to mostly keep the current taxes in place. The individual mentioned that an announcement may be postponed.
One of the persons said that some industries were also planned to include semiconductors and solar equipment.
There were conflicting reports on the exact amount or kind of tariffs that would be applied, but one person claimed that the government had focused on areas of interest within critical competitive and national security domains.
According to one of the people and another person familiar with the situation, the U.S. Trade Representative's office sent suggestions to the White House many weeks ago, but an official announcement was postponed while the package was discussed internally.
Democrat Joe Biden is running for reelection in November, and he plans to contrast his strategy with that of Republican rival Donald Trump, who has suggested universal tariffs that White House officials believe are excessively harsh and likely to cause inflation.
Both the U.S. Trade Representative's office and the White House declined to comment. The story was initially covered by Bloomberg News.
China may respond retaliatorily to the sanctions at a time when tensions between the two largest economies in the world are already high.
China responded with its own tariffs to Trump's more extensive tariffs throughout his administration from 2017 to 2021.
Despite asserting that the two nations have entered a new era of competitiveness, Biden has stated he does not seek a trade war with China.
The free-trade consensus that formerly ruled in Washington, which was culminated by China's admission to the WTO in 2001, has been drastically broken by both of the 2024 contenders.
Section 301 of the United States Trade Law was the basis for Biden's 2022 assessment of the Trump administration's actions. He advocated for far higher U.S. duties on Chinese metal imports last month, but according to a U.S. official, the products he targeted were limited and valued at more over $1 billion in steel and aluminium goods.
In addition, Biden declared that more duties may result from his probe into Chinese trade abuses in the shipbuilding, marine, and logistics industries.
Additionally, the Biden administration has been exerting pressure on Mexico, a neighbour, to forbid China from indirectly supplying the United States with its metal goods.
China has stated that the tariff measures hurt the US and global economies and are counterproductive.
(Source:www.economictimes.com)
