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Biden Announced New Tariffs on Chinese Imports
Veuer
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5/15/2024
On Tuesday, President Biden announced new tariffs on Chinese imports, including a 100% duty on electric vehicles. Veuer’s Matt Hoffman has the story.
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00:00
America's trade war with China isn't over yet. On Tuesday, President Biden announced new tariffs
00:05
on Chinese imports such as steel and semiconductors, including a more than 100% duty on electric
00:10
vehicles. China heavily subsidized all these products, pushing Chinese companies to produce
00:16
far more than the rest of the world can absorb, and then dumping the excess products onto the
00:21
market at unfairly low prices, driving other manufacturers around the world out of business.
00:26
The New York Times reports that the Chinese Ministry of Commerce called the move "typical
00:30
political manipulation" and said it would "seriously affect the atmosphere of bilateral
00:35
cooperation." Biden's decision seemed to be a vindication of protectionist Trump administration
00:39
policies the president had previously criticized, or at least a recognition of those policies' appeal
00:44
in crucial swing states. "Well back in 2000 when cheap steel from China began to flood the market,
00:50
U.S. steel towns across Pennsylvania and Ohio were hit hard. I'm not gonna let that happen again."
00:56
CNN reports that Trump is currently campaigning on going even further, saying he wants to place
01:01
at least a 60% tariff on all Chinese imports and at least a 10% duty on all imports from anywhere.
01:07
Biden's electric vehicle tariff specifically is intended to protect the U.S. auto industry's
01:12
transition towards green energy, but some experts criticized its potential impact on climate change.
01:17
Albert Park of the Asian Development Bank told E&E News, "If you're thinking about the global
01:22
transition to net zero, or just reducing carbon as fast as possible, then if some country is
01:26
willing to subsidize production of green goods, solar power, EVs, then the rest of the world
01:31
should say thank you very much."
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