Biden to double tariffs on Chinese cleantech imports, says FT
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The news: The Biden administration is set to announce new tariffs on imports of critical materials from China in a final effort to protect US manufacturing from China’s cleantech industry, The Financial Times reported citing unnamed sources familiar with the plans.
The numbers: The move would double levies to 50% on Chinese solar wafers and polysilicon, and impose a 25% levy on tungsten products, effective 1 January, the paper said.
The tariffs seek to reduce reliance on Chinese imports critical to the US solar, semiconductor and defence industries.
The move will cap a three-year review of Trump-era tariffs on USD300 billion ($471.57 billion) of Chinese goods, which Biden had expanded to include strategic industries like cleantech – also known as climatetech – and chip manufacturing.
The context: The US and other Western nations have accused Beijing of creating overcapacity and flooding global markets with underpriced exports to undermine competition, and have imposed restrictions on technology exports that could aid China's military.
The new tariffs on cleantech imports also underscore ongoing tension between the US and China and Washington's concern about over-reliance on the Asian superpower for materials vital to its energy security and tech sector.
Meanwhile, president-elect Donald Trump has pledged tariffs up to 60% on Chinese goods, citing grievances such as Beijing's alleged role in drug trafficking.
The source: The Financial Times
