WASHINGTON – President Joe Biden imposed sweeping tariff hikes Tuesday on electric vehicles, semiconductors and other goods imported from China, countering what the White House calls unfair trade practices by China that it says have put U.S. industries at a disadvantage.
The Biden administration has accused China of flooding the global markets with goods at artificially low prices, giving Chinese competitors an unfair advantage against their U.S. counterparts.
“Bottom line: I want fair competition with China, not conflict,” Biden said at a White House Rose Garden ceremony before signing a memorandum ordering the tariff hikes.
White House officials say the tariff hikes are designed to create a “level playing field” for U.S. manufacturing in clean energy and microchips − areas the Biden administration have targeted with major government investments to try to catch up with China.
Other goods from China slapped with higher tariffs include solar cells, batteries, battery materials, cranes used at ports, and certain medical supplies, as well as steel and aluminum imported from China.
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More:Biden sets huge new tariffs on electric vehicles, chips and other goods from China
Here’s what to know about the tariff increases:
What is a tariff?
A tariff is a tax imposed by one country on goods and services imported from another country, according to Investopedia.
A tariff can have…
