Washington [US], May 10: US President Joe Biden's administration is said to be about to announce an important new policy, imposing tariffs on China's strategic industries.
Bloomberg on May 10, citing knowledgeable sources, said that the US government will announce a new decision on import taxes on Chinese goods as early as next week.
The administration has launched a review of Section 301 tax rates, which former President Donald Trump first enacted in 2018 when he was in office. The review begins in 2022 and US Trade Representative Katherine Tai said last month that a conclusion would be reached soon, adjusting tariffs more strategically and effectively.
According to Bloomberg sources, Ms. Tai plans to announce a decision on May 14, according to which the new tax rates will focus on key industries such as electric vehicles, electric vehicle batteries and solar batteries, while most as the old tax rates remain unchanged.
Mr. Trump has vowed to increase tariffs by 60% on all imports from China if re-elected. However, the Democratic Party opposed this idea partly because of concerns that it would cause consumer prices in the US to increase while people are struggling with inflation.
If announced, the new tariffs are expected to be one of President Biden's most important decisions in his effort to compete economically with China. Last month, the leader called for increased tariffs on China's aluminum and steel and launched a new investigation into the country's shipbuilding industry.
Mr. Trump in 2018 imposed taxes on a series of goods imported from China, from chips, chemicals to consumer goods, according to Section 301 of the US Trade Act of 1974. The Biden administration has encountered difficulties about the political consequences of changing these tariffs.
If a review is not carried out in 2022, the tariffs will automatically expire in the middle of that year.
Source: Thanh Nien Newspaper