Français
Joe Biden Increases Tariffs on Chinese Products: A Risky Move in an Election Year
In a bold move, American President Joe Biden has announced a series of tariff increases on imports from China, estimated at $18 billion. This decision, affecting key sectors such as electric vehicles, semiconductors, and medical products, risks escalating tensions with Beijing, particularly in this election year as Biden seeks to solidify his support.
The White House maintains the customs duties established by the previous administration of Donald Trump while increasing some others. This decision is justified by the “unacceptable risks” that, according to them, Chinese trade practices pose to the economic security of the United States, characterized by export subsidies and unfair practices.
The products targeted by these increases include a diverse range, from steel and aluminum to semiconductors and medical equipment. This strategy, according to Lael Brainard, National Economic Council adviser at the White House, aims to counter Chinese strategies that, she believes, favor Chinese growth at the expense of other economies.
However, this initiative risks having repercussions not only on Sino-American relations but also on the American electorate, already sensitive to economic issues. According to a Reuters/Ipsos poll, Joe Biden struggles to convince voters of the effectiveness of his economic policy, while his political opponent, Donald Trump, enjoys a certain advantage in this area.
Analysts point out that the immediate impact of these tariff increases could be relatively limited, given the relatively small share these products represent in global trade. However, in the long term, these measures could influence economic and political dynamics between the two superpowers.
As Biden seeks to redirect American trade policy, this decision reflects a departure from the pro-free trade policies that have long prevailed in Washington. With this announcement, the American administration sends a strong message to Beijing, while taking the risk of causing disruptions in global markets and eliciting retaliatory reactions from China.
In conclusion, this escalation in trade tensions between the United States and China illustrates the complex challenges facing Joe Biden’s economic policy in this election year.
Our Trade Finance Offer : Offer AML-CFT Trade Finance (1) (1)
Sources :
https://www.tradefinanceglobal.com/posts/biden-announces-18b-tariff-hikes-chinese-imports/
