The Biden administration is preparing to impose more taxes on Chinese imports of commodities, including electric vehicles, which are considered policy objectives.
A source with knowledge of the tariff discussions confirmed the news, which might occur as early as next week. The source spoke on condition of anonymity prior to the official announcement of the decision.
Since President Biden assumed office, the government has been examining the heavy tariffs on Chinese goods that former President Donald Trump placed in place as one of his trademark policy initiatives. These levies are imposed on around $370 billion worth of imports from China annually.
The Biden administration has chosen to add a number of important products to the list in addition to maintaining the current Trump tariffs. Bloomberg broke the news of the decision first.
Biden’s industrial policy includes tariffs
According to the source, the new products that will be tariffed are in line with Biden’s policy aims regarding manufacturing, technology, and the environment.
Biden’s Inflation Reduction Act and the CHIPS and Science Act, which made hundreds of billions of dollars available to support the semiconductor and clean energy sectors domestically, cover these subjects.
Biden has focused a lot of his campaigning on the jobs that the large legislative packages will create. He has insisted on using labor and products created in the United States for projects.
“When folks see shovels in the ground on all these projects, when they see new pipes being laid and people going to work, I hope they feel the pride that I feel — pride in their hometowns making a comeback,” he stated last week in Wilmington, North Carolina.
The intended audience for this message is swing states like Wisconsin, Michigan, and Pennsylvania, which saw large job losses as a result of manufacturing moving abroad.
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In an address to United Steelworkers union members in Pittsburgh last month, Biden declared his intention to increase taxes on Chinese steel and aluminum imports. He cited the loss of almost 14,000 jobs among Pennsylvania and Ohio’s steelworkers between 2000 and 2010.
“I promise you that I’m not going to let that happen again,” he stated.
Additionally, Trump has declared that he will increase import duties, notably those on Chinese automobiles.
In Pittsburgh, Biden attempted to set himself apart from Trump’s strategy by describing it as “strategic and targeted” and claiming that the latter would result in higher costs for American consumers.
