Tariffs

Biden retained the tariffs that Trump placed on China plus the following changes. The tariff rate will go up to 100% on electric vehicles, to 50% on solar cells and to 25% on electrical vehicle batteries, critical minerals, steel, aluminum, face masks and ship-to-shore cranes beginning September 27, according to the US Trade Representative’s Office. Tariff hikes on other products, including semiconductor chips, are set to take effect over the next two years. President Trump will continue this policy plus he plans to install a blanket tariff of 10% to 20% on all imports, with additional tariffs of 60% to 100% on goods brought in from China. Trump's plan is at this point only a negotiating tool. The US currently has a negative balance of trade with Europe of $131 billion and a negative balance with China $195 billion. Much of this has to do with tariffs.