US trade frictions with China escalate againměiguó duì huá màoyì móca zài dù shēngjí美国对华贸易摩擦再度升级。
May 15, 2024 at 2:00 PM
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BusinessUS Escalates China Tariffs in 2024
Biden administration announced major new tariffs on Chinese goods in May 2024, including 100 percent on EVs and 50 percent on solar cells.
The US government announced new tariffs on Chinese goods in May 2024.
This action continued and expanded upon Trump-era tariff policies. The new tariffs included 100 percent on electric vehicles and 50 percent on solar cells. Steel and aluminum products faced 25 percent tariffs. Strategic items including lithium batteries were added to high tariff lists.
China promptly retaliated with retaliatory measures. These events intensified economic decoupling between the world's two largest economies. Given escalating trade friction, global supply chains face significant restructuring pressure.
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