China tariffs: Biden is taking a page out of the Trump playbook

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The Biden administration has unleashed a wave of new tariffs targeting $18 billion worth of Chinese goods, further escalating tense trade relations between the two nations. American Enterprise Institute Senior Fellow Zack Cooper joins Market Domination to provide his insight on the outlook for China moving forward.
Cooper argues that Biden is "taking a page out of the Trump playbook" by implementing these new tariffs. He notes that the tariffs could create "a near-term challenge" for Chinese electric vehicles, as the Biden administration "had to take action pretty soon" to prevent an influx of Chinese electric vehicles entering the United States. Cooper further emphasizes that this concern extends beyond the electric vehicle sector, stating, "We know that there's a lot of Chinese overcapacity in some of the other areas that the tariffs were raised."
Addressing concerns about potential inflation resulting from these tariffs, Cooper says, "I doubt, unless there's a really serious Chinese response, that we're gonna see that much inflation."
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Опубликовано:

8 июн 2024

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Комментарии : 4

@darthvadeth6290 25 дней назад

Usa: cant beat them, ban them 😂

@philipwong895 23 дня назад

When the US buyer imports goods subject to tariffs from China, they pay the tariff to the US government. This cost and any markup are typically passed on to the end consumer, meaning consumers ultimately bear the burden of tariffs through higher prices. The Chinese seller, however, does not directly pay the tariff; the importer in the US bears that responsibility. China does not suffer the consequences of tariffs. The US consumers are being punished by having to pay higher prices. In 2012, President Obama, as part of his plan to double the U.S. share of the world's solar panels from 5% to 10%, imposed tariffs of up to 249% on solar imports from China. In response, China retaliated by imposing import restrictions on polysilicon from the U.S. At the time, the U.S. held a 50% share of the global polysilicon market, but this has since dropped to under 5%. China has promised to retaliate just as strongly in response to any new tariffs.