President Joe Biden’s administration is reportedly scrambling to put in place new China tariffs as the 2024 election approaches.
The new tariffs will target what the Biden administration views as key strategic sectors, according to a Bloomberg News report citing anonymous sources, but are likely to do little to effect the overall U.S. trade imbalance with China.
“The US will impose new, elevated tariffs that focus on key industries including electric vehicles, batteries and solar cells. Other existing China levies are expected to largely be maintained. An announcement is scheduled for Tuesday, two of the people said,” Bloomberg news reported.
The Wall Street Journal says the new tariffs will include a quadrupling of duties on electric vehicles. The report is sourced to “people
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