WASHINGTON/SAN FRANCISCO — UNITED STATES President Joe Biden Prepare to announce new information China tariffs as soon as next week target strategic sectors including tramaccording to two people familiar with the matter.
The full announcement, which could come as soon as Tuesday, is expected to largely maintain the existing tariffs, according to one person. An announcement could also be pushed back, the person said.
According to one source, specific sectors are also expected to include semiconductors and solar equipment.
One source said details on the exact value or taxes that would be imposed were sketchy, but the administration was said to have focused on areas of concern in the areas of strategic competition and security. national security.
According to one of the sources and another person familiar with the matter, the U.S. Trade Representative’s office made its recommendation to the White House several weeks ago but the final announcement was delayed due to the package. This is being debated internally.
Biden, a Democrat seeking re-election in November, is seeking to contrast his approach with that of Republican nominee Donald Trump, who has proposed blanket tariffs which White House officials said was too blunt and prone to inflation.
The White House and the US Trade Representative’s office declined to comment. Bloomberg News first reported the story.
The measures could lead to retaliation from China at a time of rising tensions between the world’s two largest economies. Trump’s broader imposition of tariffs during his 2017-2021 presidency prompted China to retaliate with its own tax measures.
Biden said he did not want a trade war with China even as he said the countries had entered a new model of competition.
Both 2024 candidates have moved sharply away from the free-trade consensus that once dominated Washington, a period capped by China’s 2001 entry into the World Trade Organization.
In 2022, Biden launched a Trump-era policy review under Section 301 of US trade law. A US official said that last month he called for a sharp increase in US tariffs on Chinese metal products but the products targeted were narrow in scope, estimated to be worth more than 1 billion USD. USD for steel and aluminum products.
Biden also announced an investigation into China’s trade practices in the shipbuilding, maritime and logistics sectors, a process that could lead to more tariffs.
The Biden administration is also putting pressure on neighboring Mexico to ban China from selling its metal products indirectly from there to the United States.
China says the tariffs are counterproductive and harm the US and global economies.
