President Biden imposed sweeping tariff hikes on China Tuesday, targeting electric vehicles, semiconductors, and other goods in a step that’s reigniting a critical trade debate during this election year.
Biden defended the new tariffs on Chinese products, saying that China’s government handouts to its companies mean they don’t have to turn a profit, giving them an unfair advantage in global trade.Â
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“For too long it hasn’t been fair,” Biden said in the Rose Garden signing. “For too long the Chinese government has poured state money into Chinese companies across a range of industries, and when you make tactics like this, it’s not competing. It’s cheating.”
Biden slapped tariffs on a range of high-tech industries, from Chinese electric vehicles, advanced batteries, solar cells, medical equipment, and on raw materials like steel and aluminum manufacturing.
A Chinese foreign ministry spokesman said China “opposes unilateral tariff increases that violate WTO rules, and will take all necessary measures to safeguard its legitimate rights and interests.”
On CBN’s Faith Nation, China expert Gordon Chang said tariffs don’t necessarily mean higher prices for American consumers buying Chinese goods.Â
“I think that there is a lot of exaggeration when people talk about the costs that are going to be
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