China's Dominance

US Reportedly Set to Quadruple Tariffs on Chinese Goods

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The United States, under the leadership of President Joe Biden, is preparing to intensify tariffs on Chinese goods, with reports indicating a significant increase in levies across various sectors, especially affecting Chinese-made electric vehicles with tariffs set to quadruple. This decision comes as the latest development in the ongoing trade tensions between the US and China, with Biden's administration taking steps to address what they perceive as unfair trade practices by China.

The move to double, triple, and quadruple tariffs on select Chinese goods follows a two-year review process and is seen as a response to concerns raised by US officials regarding the impact of Chinese manufacturing on American workers. Specifically, US Treasury Secretary Janet Yellen has expressed worries about the oversupply of batteries, solar panels, and electric cars from China, leading to a flood of inexpensive products in the market that could harm domestic industries. Additionally, the Alliance for American Manufacturing has highlighted the competitive threat posed by China's auto industry, emphasizing the need to address the issue to protect US carmakers.

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May 21, 2023 | 05:09