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US-China trade relations worsen as Biden unveils new tariffs against China

  • Biden administration unveils tariffs targeting Chinese imports worth USD 18 billion
  • Chinese EV's to face a 100% tariff in USA, 50% tariff on Chinese semiconductors
  • China has vowed of an immediate retaliation hinting at a negative impact on bilateral trade relations

15 May 2024

In a bold move escalating tensions between the United States and China, President Joseph Biden's administration has unleashed a fresh wave of tariffs targeting Chinese imports. Valued at a staggering USD 18 billion, these tariffs will encompass a broad spectrum of goods entering American shores, ranging from steel and aluminum to semiconductors and critical medicines.

This latest salvo in the ongoing trade war between the world's two largest economies signals a significant escalation, with the US imposing steep tariffs on a wide array of Chinese products. Particularly hard hit will be industries reliant on advanced technology, with electric vehicles (EVs) facing a hefty 100 percent tariff, alongside a 50 percent tariff on key semiconductors crucial for EV production.

President Biden underscored the rationale behind these measures, asserting, "American workers can out-work and out-compete anyone as long as the competition is fair, but for too long it hasn't been fair."

The United States, which boasts the world's largest economy, has long grappled with a substantial trade deficit with China, importing goods worth USD 427 billion while exporting goods totaling USD 148 billion. This trade deficit has been a persistent source of contention, driving the US to adopt increasingly aggressive trade policies.

China, for its part, has swiftly denounced these tariffs, warning of retaliatory measures and highlighting the potential impact on bilateral trade relations. These developments unfold against the backdrop of Chinese President Xi Jinping's recent diplomatic foray into Europe, underscoring the complex geopolitical dynamics at play.

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