Citing sources, Bloomberg reported that US President Joe Biden is set to announce a major increase in tariffs on some Chinese goods this week, with total tariffs on EVs set to surge from 27.5% to 102.5%, while tariffs on other affected target industries are set to double or triple. Still, the exact scope is not yet clear.
US officials have spent considerable time in recent weeks finalising the new measures, including which Chinese sectors to hit and which items to avoid, the sources said. The US government has also proposed to the American solar industry that it would exclude certain products, including machinery used to make solar panels.
Earlier, Chinese Foreign Ministry spokesperson Lin Jian argued that Section 301 Tariffs imposed on China by the previous US administration had seriously interfered with the normal economic and trade relations between China and the US, and had been ruled by the WTO to be in violation of WTO rules. Instead of correcting its wrongdoing, the US continues to politicise economic and trade issues. China demanded the US to abide by the WTO rules and abolish all tariffs imposed on China, not to mention not to increase the tariffs.
