The news from Friday started off bad for China:
And then got worse:
Biden will announce the new tariffs on Tuesday, "Section 301" tariffs:
- will maintain existing tariffs on many Chinese goods set by former President Trump
- will add new tariffs to semiconductors and solar equipment, and raise EV tariffs
- and many other products
- solar manufacturing equipment will get an exclusion
- tariffs on Chinese EVs will roughly quadruple (total tariff on Chinese electric vehicles will rise to 102.5% from 27.5%)
In this time of toxic US political partisanship, the one thing that'll bring the country together this election year is economic attack on China. US consumers will pay the price. And yeah, this is not going to help bring inflation down.
