BREAKING: Biden Announces Tariff Hikes On Electric Vehicles, Solar Cells, Chips & Steel From China from sugan steel Watch Video

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✓ Published: 16-May-2024
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President Biden held a press event on Tuesday, where he announced new tariffs on China. <br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

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President Biden announced new tariffs on Tuesday that will increase the tariff on Chinese electric vehicles to 100% from the current 25%. Tariffs on solar cells from China will double to 50% and tariffs on certain steel and aluminum products will more than triple to 25%. Tariffs on Chinese semiconductors will increase from 25% to 50%. The new tariffs protect U.S. businesses and workers from cheap Chinese imports that negatively impact American companies. The administration says the tariffs result from a review finding that China continues unfair trade practices. There are also some national security concerns about internet-connected vehicles and devices from China being used for hacking or spying.
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The Biden administration is expected to announce this week the results of its two-year investigation into tariffs on China, which could include raising duties on a range of industries such as EVs, batteries, and critical minerals. The review aims to address China&#39;s unfair trade practices and the economic damage caused to important US sectors like steel, aluminum, solar panels, and more. The move also comes after Biden recently tripled tariffs on Chinese steel and aluminum, citing that China is &#92;
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