President Biden investing in America announced new tariffs on Chinese goods, electric vehicles, and solar panels.
“During Trump’s tenure the administration sparked an outcry by announcing that it would impose import tariffs of 10% on aluminum and 25% on steel, following earlier tariffs on solar panels and washing machines. Representatives from the retail, automobile, manufacturing, construction and information technology industries, the U.S. Chamber of Commerce, and various trade groups all expressed concerns about the potentially detrimental effects of the tariffs.”
U.S China Trade Wars
“Although the stated intent of the tariffs was to protect American workers and the U.S. economy, not everyone was convinced. Financial markets plummeted after President Trump tweeted on March 2 that “trade wars are good, and easy to win,” and other governments, including key allies, spoke out against the move. In a complaint filed with the World Trade Organization, South Korean officials labeled the steel tariffs as “unjust” and “inconsistent with the United States’ obligations.”
“The Chinese Commerce Ministry declared the tariffs “a serious attack on normal international trade order” and immediately slapped tariffs on 128 U.S. products in retaliation. Subsequent and sometimes contradictory comments from the Trump administration about whether the tariffs will actually be imposed, and against what nations, exacerbated market volatility and overall uncertainty.”
Media News Global Voices 