Following a significant increase in tariffs on certain Chinese products to the U.S., the Chinese Foreign Ministry criticized this action by the White House. Wang Wenbin, spokesperson for the Chinese Foreign Ministry, stated on Tuesday, May 15, that China has always opposed unilateral tariff increases. He added that the U.S. action violates World Trade Organization rules and that China will take all necessary measures to protect its legal rights and interests. In addition to doubling the tariffs on Chinese vehicle imports, the U.S. also raised tariffs on certain products such as chips, semiconductors, solar panels, steel, aluminum, cranes, and medical equipment from China. Overall, according to White House estimates, the new action will impact $18 billion worth of imported goods from China. President Joe Biden's decision to 'triple' tariffs on imported steel and aluminum from China was previously noted. The tariffs on electric vehicles imported from China to the U.S. were about 27.5% but have now reached 100%, a lever used to challenge Beijing's practices of dumping (selling goods at low and uncompetitive prices in global markets) and imposing a 40% tariff on American vehicle imports. China is accused by the EU and the U.S. of undermining fair competition for Western products in global markets through dumping and government subsidies. However, Mr. Wang claimed in response to a question on this matter that the growth of China's energy industry, including electric vehicles, lithium batteries, and solar power products, is based on 'continuous technical innovations, complete supply chains, and full market competition, not subsidies and government support.' Under trade policies criticized by the West, China had a foreign trade surplus of $824 billion last year. Chinese customs statistics show that last year it exported $501 billion to the EU while importing only $282 billion from the 27 member states of the union. On the other hand, while China exported $500 billion to the United States, its imports from this country were only $164 billion. At the same time, the Chinese Foreign Ministry announced on Tuesday the planned visit of Russian President Vladimir Putin to Beijing this week. The Kremlin confirmed this visit in a statement, stating that Vladimir Putin is heading to Beijing at the invitation of his Chinese counterpart, Xi Jinping. This is Putin's first foreign trip after his swearing-in for a new presidential term on May 8. Trade between China and Russia has significantly increased in 2023. Last year, China exported $111 billion to Russia, marking a 46% jump compared to the previous year, and its imports from Russia also grew by 26% to $129 billion.
China Criticizes Sharp Increase in Electric Vehicle Import Tariffs to the U.S.
China has criticized the U.S. for sharply increasing tariffs on electric vehicles and other products, claiming it violates WTO rules. The U.S. tariffs on Chinese electric vehicles have risen from 27.5% to 100%, impacting $18 billion in goods. This situation highlights ongoing trade tensions between China and the U.S. and may affect global market dynamics.
👥 Key Players
📰 What Happened
The U.S. has sharply increased tariffs on electric vehicles and other products imported from China, prompting criticism from the Chinese government. This move is seen as part of ongoing trade tensions between the two countries.
- U.S. tariffs on Chinese electric vehicles have risen from 27.5% to 100%.
- The new tariffs will affect approximately $18 billion worth of imported goods.
💡 Why It Matters
📚 Background
The U.S. and China have been engaged in a trade war for several years, with both sides imposing tariffs on each other's goods. This conflict is rooted in issues of trade imbalances, intellectual property theft, and market access.
🏷️ Entities Mentioned
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