The Biden administration announced much higher tariffs today on key goods from China that the US will need to meet its climate goals. The move targets transportation, clean energy technologies, raw materials, and more.
“To encourage China to eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation, the President is directing increases in tariffs across strategic sectors such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products,” a White House fact sheet says.
It’s the latest move the US has taken amid efforts to ramp up domestic manufacturing while escalating trade tensions with China. All in all, the increased tariffs are expected to affect around $18 billion in annual imports.
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