You’re going to need to hear about this decision by Joe Biden.
He made the startling decision to increase taxes 100%.
This dramatic hike will have devastating and crippling effects.
Joe Biden has hiked taxes 100% on some imports from China in a shocking new policy that clearly came after criticism of his administration for being too soft on China.
He’s often been critical of his predecessor’s administration for their foreign policy, but in many respects he has continued those same policies in his presidency, especially when it comes to China.
China is the number one global adversary of the United States, and they are angling to take over as the new dominant world power, since they believe the U.S. is declining.
But many people in the United States are not so ready to concede control of the world economy and political system to an authoritarian communist regime.
Those people have been clamoring for Biden to be tougher on China.
Now, his new policy will cripple and devastate Chinese industries, which shocked many people around D.C. who didn’t expect him to do this.
According to The Guardian, “The US president, Joe Biden, has announced a 100% tariff on Chinese-made electric vehicles as part of a package of measures designed to protect US manufacturers from cheap imports.”
“In a move that is likely to inflame trade tensions between the world’s two biggest economies, the White House said it was imposing more stringent curbs on Chinese goods worth $18bn.”
“Sources said the move followed a four-year review and was a preventive measure designed to stop cheap subsidised Chinese goods flooding the US market and stifling the growth of the American green technology sector.”
China is not going to be happy about this new policy from Biden, especially since they expected him to be their ally when he took office.
In many aspects he has been, but the pressure surrounding the upcoming election appears to have gotten to him and he finally made a decision to crack down.
The article continues, “As well as a tariff increase from 25% to 100% on EVs, levies will rise from 7.5% to 25% on lithium batteries, from zero to 25% on critical minerals, from 25% to 50% on solar cells, and from 25% to 50% on semiconductors.”
“Tariffs on steel, aluminium and personal protective equipment – which range from zero to 7.5% – will rise to 25%.”
“Despite the risks of retaliation from Beijing, Biden said the increased levies were a proportionate response to China’s overcapacity in the EV sector. Sources said China was producing 30m EVs a year but could sell only 22-23m domestically.”
It remains to be seen whether or not this will be the start of a new trend for Biden, or if he’ll revert to cozying up to China as he has for many years.