Biden extends tariff exemptions on some China imports
President Joe Biden plans to extend tariff exemptions on hundreds of products from China for two weeks as a transition period before reimposing duties on some of them, and will continue exclusions for some others until the middle of next year, the office of the U.S. Trade Representative said.
The exemptions were set to expire at the end of this month. The move comes after the administration said it would quadruple tariffs on electric vehicles imported from China and raise levies on imports including semiconductors, batteries, solar cells, and critical minerals due to the nation’s alleged intellectual property theft.
The tariffs were first imposed under President Donald Trump starting in 2018.
The tariff changes Biden announced last week are staggered to take effect from 2024 to 2026, and are more targeted than the 60% flat tariff Trump has proposed. The biggest jump is for EVs, with the tariff rate quadrupling, while other imports are seeing levies doubled or imposed for the first time. In some cases, the levies apply to areas where China has only a small segment of the U.S. market, but are intended to head off a potential deluge of imports.
More Stories
Coverd and Albert Wang: Why the Next Chapter of Credit Card Rewards May Be Written Around Everyday Spending
The modern loyalty program occupies a curious place on corporate balance sheets, recorded as a liability that many issuers quietly...
What to Expect from UK Software Development Firms
In all industries, companies are making efforts to adopt digital solutions, automate processes, migrate to the cloud, and operate with...
Austen Hacker: From Concert Pianist to Pharmacy Leader
Success does not always follow a straight line, for Austen Hacker, the path to leadership in pharmacy began behind a...
Jonny Dodge: The Superyacht Influencer and Questions Over Mother City Capital
He has been called the “Superyacht Influencer” by Forbes, featured in Bloomberg, GQ, Tatler and Robb Report, and commands a...
6 Steps to Prepare for Making Tax Digital for Income Tax
Making Tax Digital (MTD) was first introduced by HM Revenue and Customs as part of a wider plan to modernise...
Fintech Funding Fuels Smoother Payments for Digital Leisure
Many UK entrepreneurs notice how fintech payment startups are reshaping everyday spending on digital leisure. This is allowing quicker and...
