Biden raises tariffs on $18B of Chinese imports

ISTANBUL

US President Joe Biden's administration has increased tariffs on $18 billion worth of imports from China, the White House announced Tuesday.

"China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers," it said in a statement. "China is also flooding global markets with artificially low-priced exports."

The administration claimed that Chinese government has used "unfair, non-market practices," while its "forced technology transfers and intellectual property theft" have contributed to its control of up to 90% of global production for critical inputs necessary for American technologies, infrastructure, energy, and health care.

Such practices have created "unacceptable risks" to the US' supply chains and economic security, it added.

The new measures include raising tariff rates on certain steel and aluminum products from 0–7.5% to 25% this year, semiconductors from 25% to 50% by next year, electric vehicles (EV) from 25% to 100% this year, natural graphite and permanent magnets from zero to 25% in 2026, and certain other critical minerals from zero to 25% this year.

In addition, the tariff rate on lithium-ion EV batteries will increase from 7.5% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026, and the tariff rate on battery parts will increase from 7.5% to 25% in 2024.

Moreover, the tariff rate on solar cells, whether assembled into modules or not, is set to increase from 25% to 50% this year, according to the White House.