US raises tariffs on Chinese imports
China has spoken out against a move by the United States to hike tariffs on US$18 billion worth of Chinese imports such as electric vehicles (EVs), advanced batteries, solar cells, steel, aluminium and medical equipment. The tariffs are to be phased in over the next three years, with those that take effect in 2024 covering EVs, solar cells, syringes, needles, steel and aluminium and more.  The tariff rate on EVs is set to quadruple to 100 percent this year, the White House said. Tariffs for semiconductors, meanwhile, will double from 25 percent to 50 percent by next year. The action is aimed at encouraging China to "eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation," the White House said in a statement. In Beijing, the Commerce Ministry said China is opposed to the US tariff hikes and would take measures to defend its interests, urging Washington to cancel the measures. The Foreign Ministry said it's against unilateral tariff hikes in violation of World Trade Organisation rules. China "will take all necessary measures to safeguard its legitimate rights and interests", spokesman Wang Wenbin said. Xinhua News Agency described it as "a protectionist move widely believed to imperil the American ambition to enhance competitiveness and slash carbon emissions". The tariffs come in the middle of a heated campaign between US President Joe Biden and his Republican predecessor, Donald Trump, in which both candidates are vying to show who's tougher on China. (Agencies)_____________________________
Last updated: 2024-05-14 HKT 21:38 