President Biden is taking action to protect American jobs from Chinese cheating in markets like steel and semiconductors.
The White House announced via a fact sheet:
Today’s actions to counter China’s unfair trade practices are carefully targeted at strategic sectors—the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs—unlike recent proposals by Congressional Republicans that would threaten jobs and raise costs across the board. The previous administration’s trade deal with China failed to increase American exports or boost American manufacturing as it had promised.
Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created and new factory construction has doubled after both fell under the previous administration, and the trade deficit with China is the lowest in a decade—lower than any year under the last administration. We will continue to work with our partners around the world to strengthen cooperation to address shared concerns about China’s unfair practices—rather than undermining our alliances or applying indiscriminate 10 percent tariffs that raise prices on all imports from all countries, regardless whether they are engaged in unfair trade. The Biden-Harris Administration recognizes the benefits for our workers and businesses from strong alliances and a rules-based international trade system based on fair competition.
Following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and American companies from China’s unfair trade practices. 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.
The White House announced:
The tariff rate on certain steel and aluminum products under Section 301 will increase from 0–
7.5% to 25% in 2024.
The tariff rate on semiconductors will increase from 25% to 50% by 2025.
The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024.
The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the
tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff
rate on battery parts will increase from 7.5% to 25% in 2024.
Unlike Trump, who continues to spread the lie that other countries pay tariffs, President Biden understands that the point of tariffs is to keep countries like China from flooding markets and harming American jobs. The increase in tariffs in a few sectors will help to make Chinese imports more expensive in the US market, which will encourage Americans to buy products that are made in this country because Chinese imports will be more expensive.
Biden is using tariffs the right way to protect American jobs and businesses. Tariffs don’t make money. They punish cheaters and keep the marketplace fair.
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