on Tuesday will announce new tariffs on $18 billion worth of Chinese imports, including a sharp tax hike on electric vehicles, to help protect his administration's investments in key sectors in the United States.
"The president's actions ensure that American businesses and workers have the opportunity to compete on a level playing field in industries that are vital to our future such as clean energy and semiconductors," National Economic Advisor Lael Brainard told reporters. The targets of the tariffs include EVs, solar cells, steel, aluminum, semiconductors, advanced batteries, critical minerals, solar and medical products.than his predecessor, and expected 2024 rival, former President Donald Trump. Trump imposed some $300 billion in tariffs on Chinese goods during his administration, many of which are expected to remain in place.
Trump, at his rally in New Jersey over the weekend, briefly mocked the new plan and said Biden "should have done this four years ago."Tariffs on certain steel and aluminum products will increase from 7.5% to 25%, according to the White House. Semiconder tariffs will double from 25% to 50% and certain medical equipment will be subject to a 25% tariff.Brainard said the hike was to "offset China's unfair practices and subsidies and level the playing field for U.S.