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President Biden spoke Tuesday about the administration’s decision to announce a new round of tariffs on a range of Chinese products.

“American workers can outwork and outcompete anyone as long as the competition is fair. But for too long, it hasn’t been fair,” the president said in a speech on the lawn. the White House.

He criticized the Chinese government for “cheating” due to heavy state subsidies and “unfairly low” prices in the global market.

Electric vehicles are a priority, with duties in this category expected to quadruple this year, from 25% to 100%.

“The future of electric vehicles will be made in America by union workers. Period,” Biden said.

Other tariff targets concern steel, aluminum, semiconductors, medical devices, etc. The administration plans to raise tariffs on $18 billion in Chinese imports.

The announcement comes as President Biden prepares for a rematch against his predecessor, Donald Trump.

President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.  (AP Photo/Susan Walsh)President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.  (AP Photo/Susan Walsh)

President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (AP Photo/Susan Walsh) (ASSOCIATED PRESS)

Yahoo Finance’s Ben Werschkul and Brian Sozzi have more here:

Biden’s actions notably do not include cutting more than $300 billion in tariffs imposed on China by the Trump era. Biden largely echoed former President Donald Trump’s policies — and added new tariffs on some sectors.

“The president is taking a strategic and tough approach combining domestic investment with a crackdown on China in key sectors,” National Economic Advisor Lael Brainard said before the news.

Biden’s top economic aide also drew a stark contrast to Trump’s trade record in her comments to reporters. She said Trump’s actions in office “have not delivered on their promises” and that his current campaign promises for 2024 would drive up inflation.

Most of the new tariffs announced this week could be quickly felt and are expected to be implemented this year.

Others, like new taxes on semiconductors and batteries, are expected to take effect more slowly in 2025 and 2026.

News Source : finance.yahoo.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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