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U.S. to Levy Additional Taxes on USD 1.8 Billion Chinese Products; 100% Tax on EVs
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2024-05-24
The White House stated on May 14 that the U.S. will impose additional tariffs on US$18 billion worth of goods imported from China, targeting strategic industries such as EVs, batteries, steel and aluminum, and critical minerals. The tax rate for EVs is expected to quadruple to 100% this year; the rate for semiconductors is expected to increase from 25% to 50% by the end of 2025.
The White House said in a statement that the above actions are aimed at urging China to eliminate unfair trade practices related to technology transfer, intellectual property and innovation. Donald Trump launched the U.S.-China trade war back in his presidential term and imposed additional tariffs on approximately USD300 billion worth of Chinese goods. The White House made the decision after reviewing the tariffs imposed during the trade war. The main tool used by the Trump administration is the so-called Section 301 Investigation. The Biden administration is taking action based on Section 301 of the U.S. Trade Act.
In addition to EVs and semiconductors, Washington's tariffs on certain steel and aluminum products, as well as lithium-ion EV batteries and battery components, have also increased to about three times their original levels.
China's Ministry of Commerce issued a statement on this result, which states that China firmly opposes and has made strong protest to the U.S. The Commerce of China said that the U.S. abused the Section 301 tariff review process out of domestic political concerns to further increase the tariffs on some Chinese products, and politicized and instrumentalized economic and trade issues. The Commerce attributes it to typical political manipulation and expresses strong discontent. The Commerce of China said WTO has already ruled that Section 301 tariffs violate WTO rules, and China will take resolute measures to defend its rights and interests.
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2024-06-03
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