US President Joe Biden’s decision to double, triple and even quadruple tariffs on $18 billion of Chinese imports has fueled Beijing’s ire, upping the ante and shaking trade ties between the two largest economies threaten to derail the world further.
But despite Chinese complaints, experts believe the trade war between the rival superpowers is likely to intensify as the US heads into November’s election, in which “tough action” on China has been a key part of the campaign.
The steep tariff increases will target strategic sectors such as electric vehicles (EVs), semiconductors and critical minerals, in a move the White House said was aimed at “protecting” US companies and workers from Beijing’s “unfair” trade practices and “artificially low-priced” business practices. alternatives” resulting from Chinese state subsidies and industrial overcapacity.
