Pres. Biden is increasing tariffs on $18 billion worth of Chinese goods, mainly targeting key sectors deemed strategic to national security.
The Administration has for months accused China of unfair trade practices – flooding the market with goods at artificially low prices – which put U.S. manufacturers at a substantial disadvantage.
During a speech in the White House Rose Garden, Biden said, “American workers can out-work and out-compete anyone as long as the competition is fair, but for too long it hasn’t been fair… We’re not going to let China flood our market.”
“China’s using the same playbook it has before to power its own growth at the expense of others,” said Lael Brainard, the White House national economic advisor. “China’s simply too big to play by its own rules.”
According to several new media reports, the tariff increases, which range from 25% – 100%, will be levied over the next two years and include:
| Commodity | Current Tariff | Tariff Increase | Year Levied |
| Battery parts (non-lithium-ion batteries) | 7.5% | 25% | 2024 |
| Electric vehicles | 25% | 100% | 2024 |
| Facemasks | 0% – 7.5% | 25% | 2024 |
| Lithium-ion electrical vehicle batteries | 7.5% | 25% | 2024 |
| Lithium-ion non-electrical vehicle batteries | 7.5% | 25% | 2026 |
| Medical gloves | 7.5% | 25% | 2026 |
| Natural graphite | 0% | 25% | 2026 |
| Other critical minerals | 0% | 25% | 2024 |
| Permanent magnets | 0% | 25% | 2026 |
| Semiconductors | 25% | 50% | 2025 |
| Ship to shore cranes | 0% | 25% | 2024 |
| Solar cells (whether or not assembled into modules) | 25% | 50% | 2024 |
| Steel and aluminum products | 0% – 7.5% | 25% | 2024 |
| Syringes and needles | 0% | 50% | 2024 |
Beijing immediately vowed to retaliate.
OCEANAIR will continue to closely monitor the situation and will provide further updates as they become available. In the meantime, if you require any further information or clarification, please do not hesitate to contact our Compliance Department at Compliance@oceanair.net.
