ALBAWABA – US President Joe Biden is expected to impose heavy import tariffs on a number of Chinese products during the next few days, according to Fortune citing sources close to the matter, he will announce the new regulations at a White House event that is scheduled in defence of American labor.
Biden and his advisors reportedly worked out the details of the measures after almost two years of examination, deciding which ones to pursue and which to forego given that the inputs are essential to sustaining American progress, deciding to increase or add tariffs in crucial sectors, with tariffs on Chinese Electric Vehicles to be boosted to 102.5 percent from 27.5 percent.
China is "not competing, they're cheating," Biden stated last month, while announcing a proposed plan to triple the average 7.5 percent tariff in place at the moment on certain aluminum and steel imports, as reported by Yahoo, in hopes to prevent the deceptively cheap Chinese equivalents manufactured with “greater emissions” from undercutting U.S. steel pricing.
“We urge the US to stop overstretching the concept of national security, stop politicizing trade and tech issues or using them as weapons, and stop abusing various types of sanctions lists to suppress Chinese companies” Chinese Foreign Ministry Spokesperson Lin Jian stated on Friday after it was reported that the US has pulled licenses of tech firms Intel and Qualcomm from exporting to Chinese Huawei.
Jian added that the US side's comments are factually incorrect and devoid of “economic common sense”, arguing that normal trade and commercial contacts between China and the US have been significantly hampered by Section 301 tariffs placed on China by the last US administration, while stressing that “China will take all necessary measures to defend its rights and interests,” in case new tariffs are imposed.
It is unclear whether the reported national security tariffs, expected to be disclosed next week, will be combined with the reduction of other fees as the specifics of Biden's plans are still unclear, however, the approaching steps from the White House appear destined to impact a broader range of industries following years of internal discussions within the Biden administration.
