President Biden Increases U.S. Tariffs On Various Chinese Imports

The increase will apply to imported steel and aluminum, solar cells, medical products, electric vehicles and more.

President Biden is increasing tariffs on $18 billion in Chinese imports.

The increase will apply to imported steel and aluminum, solar cells, medical products, electric vehicles and more.

The new tariff rates range from 100% on electric vehicles, to 50% for solar components, to 25% for all other sectors.

The changes are set to take place over the next two years.

A Chinese foreign ministry spokesperson responded saying, “China opposes the unilateral imposition of tariffs which violate (World Trade Organization) rules.” They added China will take “all necessary actions to protect its legitimate rights.”

China is reportedly producing goods at a rate and with a trajectory that’s far in excess of any plausible estimate of global demand, which has prompted tensions with the U.S. and Europe.