President Biden announced tariff increases on $18 billion of imports from China under Section 301 of the Trade Act of 1974, aimed at protecting American workers and companies from China’s unfair trade practices. The United States Trade Representative (USTR) conducted an in-depth review, resulting in a 193-page report titled “Four-Year Review of Actions Taken in the Section 301 Investigation: China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation”. The tariff increases will impact various sectors including steel, aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products, with rates ranging from 25% to 100%. This may lead to higher costs for importing these products from China and potential disruptions in US supply chains and markets.
Source PwC
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