President Biden spoke Tuesday about his administration's decision to announce new tariffs on a range of Chinese products.
Speaking on the South Lawn of the White House, the president said, “As long as competition is fair, American workers can continue to work better than anyone else and compete better than anyone else. But for too long, it has been fair.'' It wasn't.”
He accused the Chinese government of “cheating”, citing large state subsidies and “unreasonably low” world market prices.
Electric vehicles are the main focus, with tariffs on this category set to increase fourfold from 25% to 100% this year.
“The future of electric vehicles will be built in America by union workers,” Biden said.
Other products subject to tariffs include steel, aluminum, semiconductors and medical equipment. The administration plans to raise tariffs on $18 billion in Chinese imports.
The announcement comes as President Biden prepares for a rematch with his predecessor, Donald Trump.
Here's more from Yahoo Finance's Ben Werschkul and Brian Sozzi.
Notably, Biden's actions do not include cutting more than $300 billion in Trump-era tariffs on China. Mr. Biden has largely re-enforced former President Donald Trump's policies and added new tariffs in certain areas.
“The president is taking a tough strategic approach that combines domestic investment with coercion against China in key areas,” National Economic Advisor Lael Brainard said in a statement ahead of the news.
In comments to reporters, Biden's economic aides also drew sharp contrasts with Trump's trade record. He said Trump's presidential bid “didn't deliver” and that his current campaign promises in 2024 would accelerate inflation.
Most of the new tariffs announced this week could be felt immediately and are expected to go into effect this year.
Other tariffs, including new duties on semiconductors and batteries, will be phased in from 2025 to 2026.
