China Vows To Oppose Biden’s Tariffs

Beijing says it will take “all necessary actions” to protect its rights as US President Joe Biden announced huge tariffs on imports of electric vehicles and other goods from China, Wayne Chang and Mark Thompson reported for CNN.

The increase in US tariffs will apply to imports of steel and aluminum, legacy semiconductors, battery components, critical minerals, solar cells, cranes, and medical products.

“China opposes the unilateral imposition of tariffs which violate World Trade Organization (WTO) rules, and will take all necessary actions to protect its legitimate rights,” Chinese foreign ministry spokesperson Wang Wenbin told reporters Tuesday shortly before the widely anticipated White House announcement.

The increase in US tariffs will apply to imports of steel and aluminum, legacy semiconductors, battery components, critical minerals, solar cells, cranes, and medical products.

EVs imported from China will see their tariffs more than quadrupled from 27.5% to 100%—a policy lever meant to challenge Beijing’s practice of encouraging aggressively low pricing by domestic EV manufacturers while levying a 40% tariff on US car imports.

The new tariff for solar components will be 50%, while the remainder of the targeted imports will attract tariffs of 25%.

They will be implemented over the next two years. China’s global trade surplus in goods has soared in recent years and is now approaching $1 trillion, stoking tensions with the US and Europe.