on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment — an election-year move that's likely to increase friction between the world's two largest economies.The tariffs are unlikely to have much of an inflationary impact because of how they’re structured. Administration officials said they think the tariffs won't escalate tensions with China, yet they expect that China will explore ways to respond to the new taxes on their products.
Administration officials have stressed that the decision on tariffs was made independently of November's presidential election. But Brainard noted in her remarks that the tariffs would help workers in Pennsylvania and Michigan, two of the battleground states that will decide who wins the election.Under the findings of a four-year review on trade with China, the tax rate on imported Chinese EVs is to rise to 102.5% this year, up from total levels of 27.5%.
“Despite its professed willingness to strengthen cooperation with China on climate change, the U.S. has been hyping up the so-called ‘overcapacity’ in China’s new energy sector and vowing to impose additional tariff hikes on Chinese electrical vehicles and solar products,” Liu said. “This is self-defeating.”
China’s production of EVs and other green products are “coming to be seen by the U.S. as a zero-sum game in which China plays the spoiler that could hamper a U.S. manufacturing revival,’’ Prasad said. “We do not seek to have global domination of manufacturing in these sectors, but we believe because these are strategic industries and for the sake of resilience of our supply chains, that we want to make sure that we have healthy and active firms,” Treasury Secretary Janet Yellen told reporters Monday.
“Instead of ending those wrong practices, the U.S. continues to politicize trade issues, abuse the so-called review process of Section 301 tariffs and plan tariff hikes,” he said. “This will just double the U.S.’s fault.” “So far, we’ve created $866 billion in private-sector investment nationwide — almost a trillion dollars — historic amounts in such a short time,” Biden said last week in Wisconsin. “ And that’s literally creating hundreds of thousands of jobs.”
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