Biden Increases Tariffs on Chinese Goods

President Joe Biden announced substantial increases in U.S. tariffs on various Chinese imports, including electric vehicles, computer chips, and medical products. This move could potentially lead to a political clash with China during an election year.

The new tariffs extend those imposed by former President Donald Trump and intensify others, quadrupling duties on electric vehicles to over 100%.

This policy adjustment is part of a broader effort to address a persistent trade gap. In 2023, the U.S. imported $427 billion in goods from China while exporting only $148 billion.

China responded by promising to take steps to protect its interests and has urged the U.S. to withdraw these new tariffs. 

Meanwhile, U.S. Trade Representative Katherine Tai stated that the updated tariffs are necessary due to ongoing intellectual property theft and aggressive cyber activities from China. 

For more details, read the full article on Reuters.