White House says US President Biden is directing US Trade Representative to increase tariffs on USD 18bln of imports from China

DETAILS 

• Tariffs cover steel & aluminium; semiconductors; electric vehicles; batteries, components & critical minerals; solar cells; ship-to-shore cranes; and medical products


• Tariff rate on certain steel and aluminium products under Section 301 will increase from 0-7.5% to 25% in 2024.


• Tariff rate on semiconductors will increase from 25% to 50% by 2025.


• Tariff rate on electric vehicles will increase from 25% to 100% in 2024.


• Tariff rate on lithium-ion EV batteries will increase from 7.5% to 25% in 2024.


• Tariff rate on battery parts will increase from 7.5% to 25% in 2024.


• Tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026.


• Tariff rate for certain other critical minerals will increase from zero to 25% in 2024.


• Tariff rate on solar cells, whether or not assembled into modules, will increase from 25% to 50% in 2024.


• Tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.


• Tariff rates on syringes and needles will increase from 0% to 50% in 2024.


• Tariff rates on some personal protective equipment, including respirators and face masks, will increase from 0-7.5% to 25% in 2024.


• Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026.

WHITE HOUSE COMMENTARY

• China's unfair trade practices on technology transfer, intellectual property threaten American businesses and workers.


• China is flooding global markets with artificially low-priced exports.

TREASURY SECRETARY YELLEN

• Concerns not motivated by anti-China policy, but desire to prevent economic dislocation from unfair economic practices.


• US will continue to directly address with China its concerns about macroeconomic imbalances.

WHITE HOUSE ECONOMIC ADVISOR

• "We are closely monitoring attempts by Chinese firms to avoid U.S. enforcement remedies outside of China."

Via White House 

Analysis details (10:10)

• Reminder, in recent session the expectation had been that the Admin. would sharply increase tariffs on China in a number of areas including on EVs which have (as expected) quadrupled. Measures which were expected to be, and have been, framed as in support of the US labour market.

14 May 2024 - 10:00- MetalsGeopolitical- Source: Newswires