China has accused Washington of “violating the principles of the market economy and the rules of international trade and economic cooperation,” in behavior it calls “blatant bullying.”
The President of the United States, Joe Bidenannounced protectionist measures on Tuesday based on new tariffs worth $18 billion on imports of products from China, the most punished of which are electric vehicles with taxes ranging from 25% to 100%.
The new tariffs will affect sectors described by the White House as: “vital to the economic future and national security of the United States”such as steel, aluminum, semiconductors, electric vehicles, batteries, solar panels, ship unloading cranes and medical products.
The announcement will take place in Full campaign for the November 5 elections and at a time when Biden, who is seeking re-election, has taken an increasingly hardline tone on China, despite starting a dialogue with Beijing, in an effort to win over the American working class and move away from former President Donald To alienate Trump. 2017-2021), future Republican candidate.
Some of the tariffs the White House announced in a statement would go into effect in 2025 or 2026, so their implementation will actually depend on who wins the election.
The most powerful rate affects the electric vehicles and will go from 25% to 100% this year. This massive increase is in response to the substantial increase in electric vehicle exports from China to the United States, which grew by 70% between 2022 and 2023, something that Washington sees as a threat to the development of the domestic market for these cars .
Another significant rate increase falls on the batteries used in electric vehicles, a market that China controls 80% thanks to its dominance in the mining, processing and refining of crucial minerals.
Specifically, according to the White House, tariffs on lithium-ion batteries will increase from 7.5% to 25% this year, while the tariff on lithium-ion batteries not intended for electric vehicles will increase from 7.5% to 25% in 2026 .
In the field of clean energy, rates are going up solar panels, which will go from 25% to 50% this year. Semiconductors will experience a similar increase, although the increase will take place in 2025.
The White House has also announced tariffs on unloading cranes of ships, which will go from 0% to 25% this year, and on medical products.
China will “take all necessary measures” to “protect its legitimate rights and interests”
For its part, the Chinese government has assured that it will “take all necessary measures” to “protect its legitimate rights and interests.” The spokesperson for the Chinese Ministry of Foreign Affairs Wang Wenbin has stated that China has “consistently opposed the unilateral imposition of tariffs that violate World Trade Organization rules.”
The spokesperson has accused Washington of “trample The principles of the market economy and the rules of international trade and economic cooperation”, a behavior he has described as “violence blatant harassment.”
Wang has also criticized “that the United States calls its product exports “free trade”, but that it shouts “industrial overcapacity” the fact that China “exports goods with comparative advantages”.
In addition to the Association of Chinese Automobile Manufacturers has called us tariffs “protectionist and isolationist” actions.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
