President Biden is taking action to protect American jobs from Chinese deception in markets such as steel and semiconductors.
Read the biggest developments Testimony of Michael Cohen.
The White House announced in a fact sheet:
Today’s actions against China’s unfair trade practices are carefully targeted in strategic areas — areas where the United States under President Biden is making historic investments to create and sustain good-paying jobs — and are consistent with recent threats to jobs raised by congressional Republicans Unlike proposals to improve employment opportunities. The previous administration’s trade deal with China failed to increase U.S. exports or boost U.S. manufacturing as it promised.
Under President Biden’s Invest in America agenda, nearly 800,000 manufacturing jobs were created during the previous administration, new factory construction doubled, and the trade deficit with China reached its lowest level in a decade, down from the previous Any year during the government’s term. We will continue to work with partners around the world to strengthen cooperation and address shared concerns about China’s unfair practices, rather than undermining our alliance or imposing indiscriminate 10% tariffs on all imports from all countries. prices regardless of whether these countries engage in trading activities. The Biden-Harris Administration recognizes the benefits that strong alliances and a rules-based international trading system based on fair competition will bring to our workers and businesses.
After an in-depth review by the U.S. Trade Representative, President Biden is taking action to protect American workers and U.S. companies from unfair trade practices by China. In order to encourage China to eliminate unfair trade practices in technology transfer, intellectual property rights, and innovation, the President directed that tariffs be increased in strategic areas such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, and ships. product.
The White House announced:
- The tariff rates for certain steel and aluminum products under Section 301 will be from 0-
Increase from 7.5% to 25% in 2024. - By 2025, semiconductor tariffs will increase from 25% to 50%.
- The tariff rate for electric vehicles under Section 301 will be increased from 25% to 100% in 2024.
- The tariff rate for lithium-ion electric vehicle batteries will increase from 7.5% to 25% in 2024
In 2026, the tariff on lithium-ion batteries for non-electric vehicles will increase from 7.5% to 25%.
By 2024, the tax rate on battery parts will increase from 7.5% to 25%.
Unlike Trump who continues to spread the lie that other countries pay for tariffs, President Biden understands that the purpose of tariffs is to prevent countries like China from flooding the market and damaging American jobs. Increased tariffs in some sectors will help increase the price of Chinese imports in the U.S. market, which will encourage Americans to buy products made in the U.S. because Chinese imports will be more expensive.
Biden is using tariffs in the right way to protect American jobs and businesses. Tariffs don’t make money. They punish cheaters and keep the market fair.
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Jason is the managing editor. He is also a member of the White House press corps and a congressional reporter for PoliticusUSA. Jason holds a BA in Political Science. His graduate work focused on public policy, particularly social reform movements.
Awards and Professional Memberships
Member of Society of Professional Journalists and American Political Science Association
