Illinois trade company: Consumers will pay more for Biden’s tariffs on Chinese goods – Washington Examiner
The article discusses the impact of new tariffs on Chinese imports introduced by the Biden administration. An industry expert warns that these tariffs will ultimately lead to higher costs for consumers. The specific types of goods affected by these tariffs include steel, among others. Based on the scenario you described, it appears that the new tariffs imposed by the Biden administration on Chinese imports, including on goods such as steel, are intended to address specific economic or trade issues, possibly related to concerns about unfair trade practices or to support domestic industries. The inclusion of steel in the tariffs might indicate a focus on protecting or bolstering the U.S. steel industry against what may be considered competitively priced imports.
However, as noted by the industry expert in your summary, these tariffs could have a direct impact on consumer prices. This is typically because when import tariffs are imposed, the additional costs incurred by importers tend to be passed on to consumers in the form of higher retail prices. This could affect not only products directly made of imported steel but also a range of other goods that utilize steel in their production, such as automobiles, appliances, and construction materials.
The potential rise in costs for consumers highlights one of the trade-offs in implementing such tariffs. While they may help local industries and can be part of a strategy to negotiate more favorable trade terms, they can also lead to increased prices for domestic consumers and potential retaliatory actions by the affected trade partners.
It’s essential to monitor how these tariffs will impact the broader U.S. economy, consumer spending, and the overall trade relationship between the U.S. and China. Further developments might also involve negotiations that could lead to adjustments in these tariffs or their eventual removal depending on their impacts and political pressures.
(The Center Square) – An industry expert says, in the end, consumers will pay more as a result of Chinese tariffs put in place by the Biden administration.
The administration recently announced a variety of new tariffs on Chinese imports such as steel and aluminum, semiconductors, batteries and medical equipment. U.S. Treasury Secretary Janet Yellen told a news briefing that President Joe Biden’s new tariffs are aimed at protecting American-made electric vehicles, solar energy products and semiconductors from so-called excess Chinese capacity.
China immediately vowed retaliation. Its commerce ministry said Beijing was opposed to the tariff hikes and would take measures to defend its interests.
“Even though the administration said the tariffs are for China, in the end these 25% tariffs are being paid by the importers who import the products and the cost is just passed down to the consumers,” said Robert Um, National Operations Performance manager with Customs Brokerage at OEC Group in Chicago.
Other products have risen in price because of tariffs. In a letter sent to Biden in May, major shoe brands, including Nike and Adidas, urged the Biden administration to lift the tariff’s put in place by then President Donald Trump.
Critics have said the EV-related tariffs could slow Biden’s green energy agenda. The Environmental Protection Agency issued tailpipe pollution standards in April designed to drive the share of electric vehicles up from 8% last year to as much as 56% by 2032. Without access to lower-cost batteries and other materials made in China, EVs will be too expensive for mainstream U.S. consumers, automakers have said.
“This policy will increase costs for consumers, dramatically strain the U.S. electric grid, contribute to more traffic and congestion on roads, undermine our energy independence, and impact every sector of the U.S. economy,” said Rich Moskowitz, general counsel for American Fuel and Petrochemical Manufacturers.
The Illinois Corn Growers Association has joined a coalition of agricultural and oil industry representatives to sue the EPA for what they said is its inequitable and costly electrification of America’s vehicle fleet.
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