America's trade wars will intensify under Biden or Trump
==========
President Joe Biden has joined former President Donald Trump as a 'tariff man,' leaving all of Trump's China tariffs in place and imposing his own set of levies. Biden's announcement aims to protect domestic production of semiconductors, green energy technology, and other favored industries. The most important target of Biden's new tariffs are electric vehicles made in China, raising the import tariff on Chinese EVs to 100% from 25%. However, the new tariffs only apply to products shipped to the United States from China and not to products made by Chinese companies in other countries or products made in China and shipped to the United States via third-party nations to avoid China-specific tariffs. Chinese automakers have already established operations in Mexico and announced plans to enter the US market. Both Biden and Trump have not outlined a clear solution to this problem. Congress may have to pass new laws giving the executive branch added authority to block or heavily tax imports within a trade pact if they trace back to an economic competitor such as China. It is also possible that crafty Chinese automakers could build cars in China and Mexico while abiding by all the trade pact rules and still sell them in the US market for less than competitors. Both Biden and Trump will continue to focus on protecting American manufacturers and their workers, as this issue resonates in electoral swing states dependent on manufacturing. The article concludes that there are political points to win by convincing voters you're tougher on China than the other candidate, but either candidate will face a continued challenge in protecting American manufacturers and workers.
#TradeWars #Tariffs #JoeBiden #DonaldTrump #China #ElectricVehicles #Manufacturing
https://finance.yahoo.com/news/americas-trade-wars-will-intensify-under-biden-or-trump-214107382.html
Yahoo Finance /
npub1j0e…3yhd
2024-05-17 00:29:39
Author Public Key
npub1j0e6zhr82q4par2f4ecr67zvj0ltv8qgqr8v3llw2ed6qvdrm4fs9s3yhdPublished at
2024-05-17 00:29:39Event JSON
{
"id": "c47f8812e1f74677daf74c0157544b45543c49d8e6942bd5da625f1cb623e70f",
"pubkey": "93f3a15c67502a1e8d49ae703d784c93feb61c0800cec8ffee565ba031a3dd53",
"created_at": 1715898579,
"kind": 1,
"tags": [],
"content": "America's trade wars will intensify under Biden or Trump\n==========\n\nPresident Joe Biden has joined former President Donald Trump as a 'tariff man,' leaving all of Trump's China tariffs in place and imposing his own set of levies. Biden's announcement aims to protect domestic production of semiconductors, green energy technology, and other favored industries. The most important target of Biden's new tariffs are electric vehicles made in China, raising the import tariff on Chinese EVs to 100% from 25%. However, the new tariffs only apply to products shipped to the United States from China and not to products made by Chinese companies in other countries or products made in China and shipped to the United States via third-party nations to avoid China-specific tariffs. Chinese automakers have already established operations in Mexico and announced plans to enter the US market. Both Biden and Trump have not outlined a clear solution to this problem. Congress may have to pass new laws giving the executive branch added authority to block or heavily tax imports within a trade pact if they trace back to an economic competitor such as China. It is also possible that crafty Chinese automakers could build cars in China and Mexico while abiding by all the trade pact rules and still sell them in the US market for less than competitors. Both Biden and Trump will continue to focus on protecting American manufacturers and their workers, as this issue resonates in electoral swing states dependent on manufacturing. The article concludes that there are political points to win by convincing voters you're tougher on China than the other candidate, but either candidate will face a continued challenge in protecting American manufacturers and workers.\n\n#TradeWars #Tariffs #JoeBiden #DonaldTrump #China #ElectricVehicles #Manufacturing\n\nhttps://finance.yahoo.com/news/americas-trade-wars-will-intensify-under-biden-or-trump-214107382.html",
"sig": "e59089693550a0383ea37b57a58eaa38aaa48018cfb6b07ef4040e2176ebb88e5be1dce9d2108906c52063d78bd494f1a55f312d4593ed26f11379cccc4c7ee4"
}