New US tariff hikes target Chinese semiconductors, electric vehicles

New US tariff hikes target Chinese semiconductors, electric vehicles

In a potential trigger for a new trade war with Beijing, the Biden administration on Tuesday raised tariffs on $18 billion worth of Chinese imports.

It is to “protect American workers and businesses,” the White House said in a statement.

“China’s unfair trade practices on the transfer of technology, intellectual property and innovation threaten American businesses and workers,” the statement said, adding that Beijing “floods the global market with low-priced artificial exports.”

Read: China issues national standards for automotive chips

On semiconductors, the statement said: “Tariff rates for semiconductors will increase from 25% to 50% by 2025.”

Targeting Chinese electric vehicles, Washington will increase tariffs from 25% to 100% this year, he added.

It added that the tariff rate for lithium-ion electric vehicle batteries will increase from 7.5% to 25% this year.

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