New US tariffs, sanctions on China imminent: Reports
- Electric vehicles, semiconductors, solar equipment targeted
- U.S. also ‘banning’ more Chinese companies
- Some firms linked to last year's spy balloon over U.S.
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(NewsNation) — China is facing new sanctions from the U.S. in the latest increase in tensions between the superpowers.
Several reports say the White House will announce a tariff of as much as 100% on Chinese-made electric vehicles (EVs). Other tariffs would target semiconductors, solar equipment and medical supplies like syringes and personal protective equipment imported from China.
The tariff hike on EVs would be symbolic, as the U.S. already has a 27.5% tariff on Chinese-made EVs in place, and none are available for sale here.
Last month President Joe Biden told American steelworkers he wants to triple the tariff on Chinese steel and aluminum.
These tariff hikes come as administration officials have expressed frustration over China’s manufacturing “overcapacity” of electric cars. The Biden administration says it poses a threat to both U.S. jobs and national security.
The expected tariff hikes come just a few days after the Commerce Dept. put 37 Chinese companies on the “banned” list. They are prohibited from doing business with U.S. companies.
The U.S. says eleven other firms are tied to the spy balloon that flew over the country last year. Others have been involved in exporting goods to Russia that were used in its war with Ukraine.
The sanctions and tariffs come on the heels of the China-owned parent company of TikTok suing the U.S. government over the impending ban of the social media app unless it’s sold to a U.S. company. The suit claims the law is unconstitutional.
