Caricatures and drawings on Forex portal
Biden calls on China to “compete fairly”
President Joe Biden made some sharp remarks about China's trade strategy. He declared that the United States would not allow the American market to be overrun with Chinese electric vehicles. He emphasized that China must be forced to engage in "fair competition."
According to the president, China is capturing the global market through cyber espionage. "When you make tactics like these, they are — they're — you're not competing. It's not a competition. It's cheating," Biden stressed. However, his statement is ambiguous, especially since it followed a fourfold increase in tariffs on some Chinese goods.
Previously, Washington raised the tariff rate on electric vehicles from Beijing to 100% from 25%. Meanwhile, the tariff rate on lithium-ion batteries and their components advanced to 25% from 7.5%, and on photovoltaic cells for solar panels - to 50% from 25%. There are also plans to increase tariffs on raw minerals, medical masks, and cranes from China to 25%, and tariffs on syringes and needles could soar to 50%.
The US authorities justified the tougher trade conditions with China by citing "unacceptable risks to America's supply chains and economic security" caused by China's allegedly unfair policies, which resulted in flooding global markets with its products. Moreover, Chinese products were found to be “unfairly priced.”
The current US administration has toughened the previous tariffs introduced by former President Donald Trump. In early April 2024, the US Department of Commerce added six Chinese companies to its sanctions list. Their number surged to 319. Notably, Washington is paying close attention to measures that block innovative developments.
Published 22 May 2024
© InstaFintech Group
![]()
© InstaFintech Group
