US hits China with massive trade tariffs – Will the UK match this move?
Washington announces huge hikes in taxes on Chinese goods, while the EU deliberates
Montage © Facts4EU.Org 2024
Facts4EU.Org reviews the economic war brewing between Washington and Beijing
The White House delivered a huge blow to China yesterday, sparking what must surely become a major trade war. The US administration announced very large hikes in import tariffs for Chinese goods, including a 100% tariff on Chinese electric vehicles.
There has as yet been no word from the UK government about whether it will match the moves by the United States.
Meanwhile in the EU, they are still pondering what to do and the empire is split on the issue, as the Germans in particular do not want to risk their export trade to China.
US trade actions against China, 14 May 2024
Brexit Facts4EU.Org Summary
Increases in US tariffs on Chinese imports
- Electric vehicles (EVs) – Quadrupled from 25% to 100%
- Semiconductors – Doubled from 25% to 50%
- Certain steel and aluminium products – Up from 0% to 25%
- Lithium-ion EV batteries – Up from 7.5% to 25%
- Solar cells – Doubled from 25% to 50%
- Syringes and needles - Up from 0% to 50%
- Ship-to-shore cranes - Up from 0% to 25%
[Source : The White House, 14 May 2024.]
Excerpts from the statement from the White House
“China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports.
“In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses.”
“…for too long, China’s government has used unfair, non-market practices. China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80, and even 90 percent of global production for the critical inputs necessary for our technologies, infrastructure, energy, and health care.”
Observations
China is increasingly in the news, whether in the UK with its funding of British universities and investments in critical infrastructure projects, or in Europe and the States for dumping state-subsidised products onto the world’s markets, or in its apparent support of Putin’s Russia, or in its support of the Iranian regime which is sponsoring region-wide terror.
This latest move by the White House marks a significant ramping-up of US protectionism against China’s trade practices. The first of these new tariff hikes will start in 90 days’ time and we expect China will respond vigorously in the coming days.
The effect on the United Kingdom
One effect may well be an increase in Chinese exports to the UK and Europe. It remains to be seen whether the UK will match the move made by the White House. The UK’s largest importer of goods is already China and it represents the largest trade deficit for the United Kingdom.
When it comes to the EU, discussions between member countries with conflicting interests mean that no decisions are likely any time soon. The newly-independent UK, however, could act if the Government chose to do so.
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[ Sources: The White House ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Wed 15 May 2024
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