U.S. President Joe Biden on Tuesday (May 14) unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing in a bid to woo voters who give his economic policies low marks. - REUTERS
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00:00 US President Joe Biden unveiled a bundle of steep tariff increases on Tuesday.
00:07 They're aimed at $18 billion of Chinese imports, including electric vehicles, computer chips
00:11 and medical products.
00:13 The White House cited unacceptable risks to US economic security.
00:18 It said those threats came from unfair Chinese practices flooding global markets with cheap
00:23 goods.
00:25 Biden will raise tariffs this year from 25% to 100% on Chinese-made EVs, among multiple
00:31 other increased levies.
00:33 Certain critical minerals will also go from nothing to 25%.
00:39 More tariffs will follow next year and in 2026 on semiconductors, whose tariff rate
00:44 will double to 50%.
00:46 Tariffs on some steel and aluminum products will also take effect this year, the White
00:50 House said.
00:52 Official data showed the US imported $427 billion in goods from China last year and
00:58 exported $148 billion to the world's number two economy.
01:03 This trade gap has persisted for decades and is an ever more sensitive topic in Washington.
01:09 The Biden administration further said former President Donald Trump's 2020 trade deal with
01:13 China did not increase American exports or boost American manufacturing jobs.
01:19 It also argued the 10% across-the-board tariffs on goods from all points of origin Trump has
01:23 proposed would frustrate US allies and raise prices.
01:28 Trump has floated tariffs of 60% or higher on all Chinese goods.
01:33 Biden administration officials said their measures are carefully targeted and unlikely
01:37 to worsen inflation.
01:39 They also downplayed the risk of retaliation from Beijing.
01:44 Biden has struggled to convince voters of his economic policies despite a backdrop of
01:48 low unemployment and above-trend economic growth.
01:52 The president has said he wants to win this era of competition with China but not to launch
01:56 a trade war.
01:57 He's worked in recent months to ease tensions in one-on-one talks with Chinese President
02:01 Xi Jinping.
02:03 On Tuesday, China strongly criticized the US decision and it vowed it will take "resolute
02:09 measures to defend its rights and interests."