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US to Impose Tariffs on CN Chips, Minerals, EVs, Medical Products: Report
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US President Joe Biden will formally announce an increase in tariffs on a variety of Chinese imports on Tuesday (14th), according to Bloomberg. Apart from the previously reported incline on steel, aluminum and EVs, the US will also hike tariffs on port cranes and medical products, which are expected to affect imports valued at a total of about US$18 billion in the current fiscal year. It is reported that the new tariffs will be implemented in phases from 2024 to 2026, and will be more targeted than Donald Trump's proposal to impose a 60% tariff on all Chinese imports. The new tariffs on semiconductors will be implemented in 2025, hiking from 25% to 50%, while the tariffs on lithium-ion batteries for non-EVs will be implemented in 2026, at which point it will rise to 25%, according to the report. AAStocks Financial News |
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