Joe Biden
Heavy taxes on Chinese electric cars, batteries, steel, aluminum, and solar cells have been imposed by US President Joe Biden, who claims this will protect American workers from unfair trade practices.
These comprise a 25% duty on each Chinese-made electric car battery, a 50% tariff on semiconductors, and a 100% tariff on electric automobiles.
In his address to the nation from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, “but we’re never going to allow China to unfairly control the market for these cars. Period.”
“I want fair competition with China, not conflict. We are in a stronger position to win that economic competition of the 21st century against China than anyone else because we’re investing in America again,” he said.
For years, Biden claimed, the Chinese government has poured state funds into Chinese enterprises in a wide range of industries, including semiconductors, electric cars, solar panels, steel and aluminum, and even essential medical supplies like masks and gloves.
All of these products were extensively subsidized by China, which forced Chinese businesses to manufacture considerably more than the rest of the world could consume, then forcing other manufacturers worldwide out of business by flooding the market with the extra items at unjustly low rates, he claimed.
Due to heavy government subsidies, Chinese enterprises are not concerned about making a profit, which is why the prices are unfairly cheap. In order to conduct business, the Chinese also use additional anti-competitive strategies, such as compelling American firms to transfer their technology.
According to Biden, the new tariffs he imposed in important economic sectors will make sure that unfair trade practices do not stop US workers.
American companies, he said, are investing tens of billions of dollars in electric vehicles and their batteries. “Our partners around the world are making similar investments. They also want a supply chain for electric vehicles that isn’t dominated by unfair trade practices from China,” he said.
Biden also slammed his predecessor Donald Trump on his China policy.
“My predecessor promised to increase American exports and boost manufacturing. But he didn’t either. He failed. He signed a trade deal with China. They were supposed to buy USD 200 billion more in American goods. Instead, China imports from America barely budged,” he alleged.
“And now, Trump and his MAGA Republicans want across-the-board tariffs on all imports from all countries, if reelected. Well, that would drive up costs for families on an average of USD 1,500 per year each year. He simply doesn’t get it,” he said.
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