Its commerce ministry said Beijing was opposed to the US tariff hikes and would take measures to defend its interests. The new measures affect $18 billion in imported Chinese goods including steel and aluminium, semiconductors, electric vehicles, critical minerals, solar cells and cranes, the White House said. It’s focused on a few key sectors where China has built enormous over-capacity.”US Trade Representative Katherine Tai said the revised tariffs were justified because China was stealing US intellectual property. But Tai recommended tariff exclusions, opens new tab for hundreds of industrial machinery import categories from China, including 19 for solar product manufacturing equipment. Even as Biden’s steps fell in line with Trump’s premise that tougher trade measures are warranted, the Democrat took aim at his opponent in November’s election.

Source: The Express Tribune May 15, 2024 22:24 UTC