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Joe Biden slapped major new tariffs on Chinese electric vehicles & advanced batteries. The U.S. president also slapped tariffs on Chinese steel, aluminium and medical equipment. He said Chinese govt subsidies ensure the nation’s companies don’t have to turn a profit. Heated campaign between Biden & Trump, his Republican predecessor, to show who’s tougher on China. The Democrat said ex-President Trump had failed to crack down on Chinese trade abuses. The Chinese government was quick to push back against the tariffs. It said the tariffs will ‘seriously affect the atmosphere of bilateral cooperation’. Hitting out at Biden’s move, the Chinese foreign ministry used the word ‘bullying’. Tariffs unlikely to have much of an inflationary impact because of how they’re structured. Biden administration officials said they think the tariffs won’t escalate tensions with China. Officials expect China will explore ways to respond to the new taxes on its products.
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