Biden raises tariffs on $18 billion of Chinese imports: EVs, solar panels, batteries and more
* President Joe Biden plans to impose a 100% tariff on Chinese electric vehicle imports, a 50% tariff on Chinese solar cells and a 25% tariff on certain Chinese steel and aluminum imports.
*The announcement comes after weeks of White House officials warning Beijing to amend certain trade practices that the Washington argues have weakened global supply chains.
* Administration officials predicted that these tariffs will have “no inflationary impact.”
Biden administration has so far maintained that these tariffs will have “no inflationary impact” because they are not “across the board”