President Biden's decision to raise tariffs on $18 billion worth of imports from China has been met with mixed reactions. In an exclusive interview with Yahoo Finance, President Biden defends his actions, stating that China is unfairly manipulating markets to put American industries out of business. Specifically, he highlights the impact on electric vehicles (EVs) and semiconductors, where tariffs are being raised from 25% to 100% and 25% to 50%, respectively.
Biden argues that China's tactics of flooding the market with cheap EVs are harming American workers and industries. He believes that the new tariffs are necessary to protect American jobs and ensure a level playing field in the global market. Despite concerns about inflation, Biden remains confident that the targeted tariffs will not have a significant impact on consumer prices.
When asked about potential retaliation from China, Biden remains unfazed, stating that China is already overstepping its boundaries in the global market. He anticipates that China may respond with raised tariffs on unrelated products, but he does not expect any major escalation of trade tensions.
Despite the positive economic indicators under his administration, such as record job growth and a booming stock market, Biden acknowledges that Americans are still feeling uncertain about the economy. He reassures the public that his administration will stay the course and focus on creating more jobs that outpace inflation rates.
Overall, President Biden's stance on raising tariffs on Chinese imports reflects his commitment to protecting American industries and jobs. While the decision may have short-term implications, Biden believes that it is necessary for long-term economic stability and fairness in global trade.