Biden is taking action to protect American workers and businesses from China

President Biden is taking action to protect American jobs from Chinese cheating in markets like steel and semiconductors.

Read about the biggest developments Testimony from Michael Cohen.

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The White House announced via a fact sheet:

Current actions to counter China’s unfair trade practices are carefully targeted at strategic sectors – the same sectors in which the United States under President Biden is making historic investments to create and sustain good-paying jobs – in contrast to recent proposals from Republicans in Congress that would threaten jobs and raise costs across the board. The previous administration’s trade deal with China failed to increase U.S. exports or boost U.S. manufacturing as promised.

Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created, new factory construction has doubled after both fell under the previous administration, and the trade deficit with China is the lowest in a decade – lower than any year under the last government. We will continue to work with our partners around the world to strengthen cooperation to address shared concerns about China’s unfair practices – rather than undermining our alliances or applying arbitrary 10 percent tariffs that drive up prices increase all imports from all countries regardless of whether they engage in unfair trade. The Biden-Harris Administration recognizes the benefits to our workers and businesses of strong alliances and a rules-based international trading system based on fair competition.

Following an in-depth investigation by the United States Trade Representative, President Biden is taking action to protect American workers and American companies from China’s unfair trade practices. To encourage China to eliminate its unfair trade practices in technology transfer, intellectual property and innovation, the President is directing tariff increases in strategic sectors such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, marine to-shore cranes and medical products.

The White House announced:

• The tariff on certain steel and aluminum products under Article 301 will increase from 0 to
  7.5% to 25% in 2024.
• The semiconductor tariff will increase from 25% to 50% by 2025.
• The tariff for electric vehicles under Section 301 will increase from 25% to 100% in 2024.
• The tariff for lithium-ion EV batteries will increase from 7.5% to 25% in 2024, while the
  The rate for lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026.
  The percentage of battery parts will increase from 7.5% to 25% in 2024.

Unlike Trump, who continues to spread the lie that other countries are paying tariffs, President Biden understands that the purpose of tariffs is to prevent countries like China from flooding markets and hurting American jobs. The increase in tariffs in a few sectors will help make Chinese imports more expensive in the US market, which will encourage Americans to buy products made in this country because Chinese imports will be more expensive.

Biden is using tariffs appropriately to protect American jobs and businesses. Tariffs don’t make money. They punish cheaters and keep the market fair.

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