News DeskIn a pivotal move set to shape the trajectory of U.S.-China economic relations, President Joe Biden’s administration is on the brink of unveiling a comprehensive decision regarding tariffs on Chinese goods, with an anticipated announcement slated for as early as next week, according to individuals familiar with the matter.
The forthcoming decision marks the culmination of a meticulous review of the Section 301 tariffs implemented during the tenure of former President Donald Trump, commencing in 2018. Sources indicate that the United States will institute new tariffs, specifically targeting pivotal sectors such as electric vehicles, batteries, and solar cells, while diverging from the blanket tariff increases pursued by the previous administration.
Though the formal announcement is scheduled for Tuesday, there remains a possibility of a delay. Nonetheless, this development signifies one of President Biden’s most significant maneuvers in the ongoing economic competition with China. It amplifies his recent advocacy for tariff hikes on Chinese steel and aluminum, alongside the initiation of an investigative probe into China’s shipbuilding industry.
Market reactions to the impending decision were palpable, with the yuan experiencing a weakening trend and the CSI 300 Index of Chinese shares witnessing a momentary decline of up to 0.6 percent in early trading before staging a rebound.
The precise parameters of the impending tariffs, including the applicable rates and the exhaustive list of affected sectors, remain opaque. The White House declined to provide commentary on the matter. Furthermore, uncertainties persist regarding the possibility of tariff reductions on specific goods within certain sectors, albeit expectations for substantial reductions appear modest at best. (Agencies)
