President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.
The administration is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security, with a focus on clean energy goods. SEE ALSO: Biden to quadruple tariffs on Chinese EVs, solar components, steel, aluminum, semiconductors Several business groups criticized Mr. Biden’s action, saying tariffs often backfire and raise consumer prices and inflation. After Mr. Trump slapped tariffs on China, Beijing hit back with tariffs on $101.4 billion in U.S. exports in retaliation. That affected 294,000 American export-related jobs, according to a Brookings Institute Study.
Inflation already remains stubbornly high, and a Bureau of Labor Statistics report released Tuesday revealed that wholesale inflation picked up in April, hitting its highest rate in a year.