The administration of US President Biden confirms that it will increase the customs tariff rate on some steel and aluminum products of Chinese origin under Article 301 from 0-7.5% to 25% in 2024.
This comes after an in-depth review by the US Trade Representative.
A White House statement said the move is part of anti-dumping measures against several Chinese products, which are aimed at incentivizing China to “eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation.”
Along with steel and aluminium, the tariff rate on Chinese semiconductors will rise to 50% by 2025, on Section 301 electric vehicles to 100% in 2024, on lithium-ion electric batteries to 25% in 2024, and on solar cells to 50%. % as of 2024.
“China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80, and even 90% of global production of critical inputs needed for our technologies, infrastructure, energy, and health care – creating unacceptable risks to America’s supply chains and economic security.
