China warns new US tariffs to ‘severely’ impact relations: Report
livemint.comTop China, South Korea Diplomats Hold Rare Talks in Beijing On Tuesday, the White House announced a tariff hike on $18 billion worth of imports from China, targeting key sectors such as electric vehicles, batteries, steel, and vital minerals. This decision coincides with President Joe Biden's preparation for the upcoming November election, where he is expected to face Republican rival Donald Trump again. Administration officials criticized Trump's trade policies as they unveiled the tariff increase.
The tariff rate for electric vehicles is scheduled to increase fourfold to 100 percent this year, while the rate for semiconductors will rise from 25 percent to 50 percent by next year, according to the White House. This action comes after a reassessment of tariffs implemented amid a trade dispute between Washington and Beijing, during which former President Trump imposed levies on approximately $300 billion worth of Chinese goods. The so-called Section 301 investigation served as the principal basis for the tariffs under the Trump administration, and the US Trade Representative is obligated to assess the impact of these levies every four years.
Also read: China to Hold Meeting on $138 Billion Ultra-Long Debt Sale In response to the announcement, Beijing expressed strong opposition, issuing stern objections. It accused Washington of politicizing and manipulating economic and trade matters, labeling it as a classic instance of political manipulation. “China expresses its strong dissatisfaction with this.
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