This week, the U.S. launched a brand new sequence of tariff will increase on Chinese language imports, amounting to over $18 billion price of products.
Within the announcement, President Biden stated they’re aiming to “counter China’s unfair commerce practices” by focusing on particular sectors the place the U.S. is boosting home manufacturing.
This graphic, via Visual Capitalist’s Kayla Zhu, reveals the brand new and present U.S. tariff charges set on quite a lot of Chinese language imports.
Tariff charges and implementation years for the brand new charges come from The White Home’s Could 14 press release asserting the brand new tariff fee will increase. Implementation years for the present charges comes from the Workplace of the US Commerce Consultant (USTR) and United States Worldwide Commerce Fee (USITC).
Tariff Raises on China Hit EV and Medical Industries
Beneath, we present the present and new tariff charges, in addition to the implementation years for each, for a variety of Chinese language imports, as of Could 14, 2024.
†Present fee for metal and aluminium merchandise and private protecting tools ranges from 0 to 7.5%.
*Tariffs applied in 2019 began at 15% and have been lowered to 7.5% in January 2020
The U.S. directed lots of its new tariff will increase on the Chinese language EV trade, focusing on imports akin to semiconductors, lithium-ion batteries, and different battery elements.
Notably, tariffs on electrical automobiles from China have been bumped to 100% and new tariffs on sure critical minerals, that are important for manufacturing battery elements and semiconductors, have been launched.
Medical-related merchandise, akin to medical and surgical gloves and sure private protecting tools like face masks have been additionally impacted by the brand new tariff will increase. A few of these gadgets have been beforehand granted exclusions from Part 301 tariffs attributable to COVID-19.
Syringes and needles, which have been beforehand not subjected to any tariffs, have been additionally hit with a brand new 50% tariff.
Part 301 Tariffs Nonetheless Going Robust
Tariffs are taxes imposed by a rustic on imported items, rising their worth to guard home industries, regulate commerce, or generate income for the federal government.
These new tariff actions have been launched beneath Part 301, a provision that permits the U.S. authorities to analyze and reply to unfair commerce practices by overseas nations.
Section 301 tariffs on Chinese language items have been first launched by former President Donald Trump in 2018, which sparked retaliatory tariffs on China and set off a years-long trade war between the 2 nations.
At present, Part 301 tariffs apply to over $300 billion price of Chinese language imports.
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