Biden administration set to revamp Trump’s tariff program after multi-year review, sources say
Washington CNN — The Biden administration is set to unveil a sweeping restructuring of former President Donald Trump’s trademark tariffs on Chinese imports, according to sources familiar with the matter.
2024-05-10 19:33:11 - VI News Staff
The announcement, expected as early as next week, would see tariffs dialed up significantly in some industries seen as strategic to the US economy and kept in place or dialed back in others deemed less critical to national security, the sources said.
Importers of electric vehicles, solar components and critical minerals made in China are likely to see those levies rise significantly – to as high as 100% in the case of electric vehicles, these sources said.
The changes come as President Joe Biden refines a campaign pitch based on protecting domestic industries from state-sponsored competition, while encouraging clean energy investments in the US that have become the pillars of his presidential platform.READ MORE: