financetom
Technology
financetom
/
Technology
/
US announces details on higher China tariffs, some to start Aug. 1
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US announces details on higher China tariffs, some to start Aug. 1
May 22, 2024 2:24 AM

WASHINGTON, May 22 (Reuters) - The U.S. Trade

Representative's office on Wednesday said some of the steep

tariff increases on an array of Chinese imports including

electric vehicle batteries, computer chips and medical products

will take effect on August 1 after a 30-day comment period ends.

President Joe Biden will keep tariffs put in place by his

Republican predecessor Donald Trump while ratcheting up others,

including a quadrupling of EV duties to over 100% and doubling

the duties on semiconductor tariffs to 50%.

The new measures affect $18 billion in imported Chinese

goods including steel and aluminum, semiconductors, electric

vehicles, critical minerals, solar cells and cranes, the White

House said. The EV figure, while headline-grabbing, may have

more political than practical impact in the U.S., which imports

very few Chinese EVs.

The United States imported $427 billion in goods from China

in 2023 and exported $148 billion to the world's No. 2 economy,

according to the U.S. Census Bureau, a trade gap that has

persisted for decades and become an ever more sensitive subject

in Washington.

U.S. Trade Representative Katherine Tai has said the revised

tariffs were justified because China was stealing U.S.

intellectual property. But Tai has also recommended tariff

exclusions for hundreds of industrial machinery import

categories from China, including solar product manufacturing

equipment.

Ahead of Biden's expected action,

China denounced the plan

and vowed "resolute measures" to protect its interests.

China has said the tariff measures are counter-productive and

inflict harm on the U.S. and global economy.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Special Report-Inside Intel, CEO Pat Gelsinger fumbled the revival of an American icon
Special Report-Inside Intel, CEO Pat Gelsinger fumbled the revival of an American icon
Nov 3, 2024
(Reuters) - Pat Gelsinger took the reins as Intel CEO three years ago with hopes of reviving the American industrial icon. He soon made a big mistake. Intel had a sweet deal going with Taiwan's TSMC, the giant manufacturer of semiconductors for other companies. TSMC would make chips that Intel designed but could not produce. And it was offering deep...
A Closer Look at 10 Analyst Recommendations For Monolithic Power Systems
A Closer Look at 10 Analyst Recommendations For Monolithic Power Systems
Nov 3, 2024
In the last three months, 10 analysts have published ratings on Monolithic Power Systems ( MPWR ) , offering a diverse range of perspectives from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat...
Special Report-Inside Intel, CEO Pat Gelsinger fumbled the revival of an American icon
Special Report-Inside Intel, CEO Pat Gelsinger fumbled the revival of an American icon
Nov 3, 2024
(Reuters) - Pat Gelsinger took the reins as Intel CEO three years ago with hopes of reviving the American industrial icon. He soon made a big mistake. Intel had a sweet deal going with Taiwan's TSMC, the giant manufacturer of semiconductors for other companies. TSMC would make chips that Intel designed but could not produce. And it was offering deep...
Exclusive-OpenAI builds first chip with Broadcom and TSMC, scales back foundry ambition
Exclusive-OpenAI builds first chip with Broadcom and TSMC, scales back foundry ambition
Nov 3, 2024
(Reuters) - OpenAI is working with Broadcom ( AVGO ) and TSMC to build its first in-house chip designed to support its artificial intelligence systems, while adding AMD chips alongside Nvidia ( NVDA ) chips to meet its surging infrastructure demands, sources told Reuters. OpenAI, the fast-growing company behind ChatGPT, has examined a range of options to diversify chip supply...
Copyright 2023-2025 - www.financetom.com All Rights Reserved