US Agency Finalizes China Tariffs Biden Announced in May
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The office of the U.S. Trade Representative on Sept. 13 formally approved tariff increases on billions of dollars in Chinese goods, paving the way for them to go into effect in two weeks.
The office made a final determination on the proposed increases that President Joe Biden announced in May on products including electric vehicles, semiconductors and batteries to solar cells and critical minerals. The USTR move — considered a formality — had been repeatedly put off, delaying the date the tariffs go into effect.
The determination marks the culmination of a review of so-called Section 301 tariffs imposed by former President Donald Trump in 2018.
In late July, USTR delayed its decision beyond the end of that month, saying that it needed more time to review more than 1,100 public comments about Biden’s initial tariff announcement. At the time, it said the announcement would come in August. At the end of August, it said the step would come in the coming days.
I just imposed a series of tariffs on goods made in China:
25% on steel and aluminum,
50% on semiconductors,
100% on EVs,
And 50% on solar panels.
China is determined to dominate these industries.
I'm determined to ensure America leads the world in them. — President Biden (@POTUS) May 14, 2024
USTR also said in July that the tariff hikes would take effect about two weeks after it published the final determination. The changes affect about $18 billion in annual imports.
Tariffs are a key issue on the campaign trail ahead of the November election as polls consistently show more voters trust Trump to manage the economy.
Trump has touted tariffs as a way to protect and spur U.S. manufacturing. He has floated a sweeping 60% tariff on Chinese goods if re-elected in November and a 100% tariff for countries that shift away from the U.S. dollar.
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