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US says tariff increases on Chinese EVs, batteries and chips to start Aug. 1
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The U.S. Trade Representative's office announced that some of the steep U.S. tariff increases on Chinese imports, including electric vehicles (EVs) and their batteries, computer chips, and medical products, will take effect on Aug. 1. President Joe Biden will keep tariffs put in place by his predecessor Donald Trump while increasing others, including a quadrupling of import duties on Chinese EVs to over 100% and a doubling of semiconductor duties to 50%. The United States is seeking public comments on the effects of the proposed tariff increases on the U.S. economy and whether proposed duties on medical masks, gloves, and syringes should be higher. The new measures affect $18 billion in current imported Chinese goods, including steel and aluminum, semiconductors, electric vehicles, critical minerals, solar cells, and cranes. The largest categories affected are lithium-ion batteries, making up $13.2 billion of the targeted imports from China in 2023. The U.S. Trade Representative Katherine Tai has said the revised tariffs are justified because China is stealing U.S. intellectual property. China has denounced the tariff hikes and vowed to protect its interests.
#Tariffs #China #ElectricVehicles #Batteries #ComputerChips #TradeWar
https://www.yahoo.com/news/us-announces-details-higher-china-091425278.html
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The U.S. Trade Representative's office announced that some of the steep U.S. tariff increases on Chinese imports, including electric vehicles (EVs) and their batteries, computer chips, and medical products, will take effect on Aug. 1. President Joe Biden will keep tariffs put in place by his predecessor Donald Trump while increasing others, including a quadrupling of import duties on Chinese EVs to over 100% and a doubling of semiconductor duties to 50%. The United States is seeking public comments on the effects of the proposed tariff increases on the U.S. economy and whether proposed duties on medical masks, gloves, and syringes should be higher. The new measures affect $18 billion in current imported Chinese goods, including steel and aluminum, semiconductors, electric vehicles, critical minerals, solar cells, and cranes. The largest categories affected are lithium-ion batteries, making up $13.2 billion of the targeted imports from China in 2023. The U.S. Trade Representative Katherine Tai has said the revised tariffs are justified because China is stealing U.S. intellectual property. China has denounced the tariff hikes and vowed to protect its interests.
#Tariffs #China #ElectricVehicles #Batteries #ComputerChips #TradeWar
https://www.yahoo.com/news/us-announces-details-higher-china-091425278.html