In a decisive move to safeguard American jobs and industries, President Biden has announced new measures to counteract China's unfair trade practices. These practices, including forced technology transfers and intellectual property theft, have long undermined American businesses and workers.
Key Actions
Increased Tariffs: Tariffs on $18 billion worth of Chinese imports will be raised, targeting strategic sectors such as steel, aluminum, semiconductors, electric vehicles (EVs), batteries, solar cells, port cranes, and medical products. This includes:
Steel and Aluminum: Tariffs on certain products will rise to 25% to protect U.S. industries from China’s non-market overcapacity and high-emission production.
Semiconductors: Tariffs will double to 50% by 2025, bolstering U.S. semiconductor manufacturing.
Electric Vehicles: A 100% tariff to counteract China’s EV export surge and support American manufacturing.
Support for Domestic Industry: Investments and incentives from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act are revitalizing American manufacturing in critical sectors. Nearly 800,000 manufacturing jobs have been created under Biden’s administration, with significant investments in clean energy and advanced technologies.
Enhanced Trade Enforcement: The Biden-Harris Administration is strengthening alliances to address China’s unfair practices through a rules-based international trade system. This approach contrasts with the previous administration's indiscriminate tariffs, focusing on strategic sectors to ensure fair competition.
Importance of Using a Licensed Customs Broker
Given the evolving trade environment, engaging a Licensed Customs Broker, like RGF, is essential. Their expertise in U.S. Customs laws and import regulations ensures compliance, prevents costly delays, and optimizes the import process.
Richard G. Fleischer Customs Brokers (RGF) offers nationwide service, handling end-to-end customs clearance with a dedicated support team, helping businesses navigate these complex changes and maintain a smooth supply chain.
Conclusion
President Biden’s strategic tariffs and investments aim to level the playing field for American workers and businesses. By partnering with a Licensed Customs Broker, companies can better manage these changes and thrive in a competitive global market.
For more details, read the full White House Fact Sheet.
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