Biden announces major tariff increase on Chinese-imported green tech

President Biden has sharply increased tariffs on billions of dollars of Chinese imports, targeting electric cars and other green technologies.Neil Macdonald:

I think this is a battle over who controls critical technologies that many believe could be powering economic growth for years into the future. This affects $18 billion of Chinese imports into the United States – that is only 4% of the total. But I think it’s also symbolic of the deteriorating trade relationship between the world’s two largest economies. On semiconductors, the tariff’s set to go up from 25% to 50%. For solar panels, again it doubles.

I think the Biden White House sees this as protecting an industrial policy, which they believe is transforming their country. $866 billion of private sector investment – factories producing clean technology and electric cars and so on. Many of those dots, you may be surprised to hear, are in places like Michigan and Pennsylvania and other swing states. Biden says he’s encouraged all this.

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