Biden is trying to buy time with the new tariffs on China
US President Joe Biden’s administration has announced tariffs on imports from China, which will increase tariffs on goods from China to 50% by 2025. The increased tariffs will affect around $18 billion a year in imports. Some of the goods include critical minerals like lithium, rare earths, and cobalt, which could also affect the electric vehicle (EV) industry.
The US is planning to raise tariffs on batteries, computers, and solar cells from China
US President Joe Biden announced new tariffs on $18 billion in imports from China, including electric vehicles, semiconductors and medical products, to “protect American workers and businesses from the flood of unfairly traded products”. The new tariffs are necessary to protect American workers and business from the flood of unfairly traded products, he added. It is expected to affect around $18 billion in annual imports.
Biden announced tariffs on Chinese goods
US President Joe Biden has said that his administration will impose tariffs on $18 billion of Chinese imports as part of a series of measures to protect the American economy. The move is meant to protect American sectors and the administration says that China is using unfair trade practices. Biden added the tariffs arenecessary to protect American workers from imports of unfairly traded products.
Biden’s top economic adviser is looking at inflation and the job market
A recent Gallup poll showed that 76% of Americans think the economy in the country is getting worse, while 75% disapprove of President Joe Biden’s handling of the economy. “Housing costs in many parts of the country remain high, and one of the reasons for inflation coming down is because the Federal Reserve hiked interest rates substantially,” Gallup quoted Lael Brainard, the Director of the national economic council.