The Business Times
business-time-50
SUBSCRIBERS

Biden gets tough with China on trade

The US president hopes his latest trade measures could help win him support among working-class voters in key electoral states come November

google-preferred-sourceAdd BT as a preferred source
    • The Biden administration has raised tariffs on Chinese EVs to 100 per cent, from 25 per cent.
    • The Biden administration has raised tariffs on Chinese EVs to 100 per cent, from 25 per cent. PHOTO: REUTERS

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Leon Hadar

    Published Wed, May 15, 2024 · 04:27 PM

    US PRESIDENT Joe Biden announced on Tuesday (May 14) new tariffs on US$18 billion of Chinese imports – including electric vehicles, solar cells, semiconductors, advanced batteries, critical minerals, cranes and medical products – and other sectors that the US regards as strategic to its national security, and which he argues are unfairly subsidised by Beijing.

    The new tariff rates – which range from 100 per cent on EVs to 50 per cent for solar components, to 25 per cent for all other sectors – will take effect over the next two years.

    President Biden also officially endorsed maintaining tariffs on more than US$300 billion worth of Chinese goods that were put in place by his predecessor Donald Trump – taxes that candidate Biden had criticised during the 2020 race to the White House.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    US-China tradeTariffs

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Air India has been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East.

    Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Malaysia Madani, or Civil Malaysia, is Prime Minister Anwar Ibrahim's slogan encapsulating positive values (such as humanity and strong governance) that would shape policy direction. But the "corporate mafia" claims have now cast the spotlight on governance credibility.

    From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?

    Malaysia ranks 23rd globally on the Milken Institute’s global opportunity index.

    South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More