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Re: Bidenomics is dead, Joe switches teams Date: May 15, 2024 02:54PM |
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“Meaning that there were about $300 billion worth of tariffs introduced under the Trump administration. Most of those have been left in place after a four-year review of that policy,” Johnson said.
But there are differences. The Trump administration slapped tariffs on a wide range of goods, using a wide range of justifications, said Mary Lovely at the Peterson Institute for International Economics.
“Sometimes they were justified as a way to reduce the bilateral trade deficit. At other times it was retaliation for China’s unfair trade practices,” she said.
Trump also targeted Canada, Europe and other American allies. But Biden’s tariffs on Chinese imports are much more narrowly tailored — specifically toward the industries the administration’s been trying to promote with other legislation.
Biden’s tariffs might be more targeted, but they’re also a lot higher. Rachel Brewster, a professor at Duke Law School, said the Trump administration set tariffs in the 10% to 25% range.
“What they were trying to do is say to the Chinese government, ‘We’re flexing our muscles. We’re hurting you. And so you need to talk to us,’” Brewster said.
But the Biden administration has raised certain tariffs a lot more. Semiconductors and solar cells will face a 50% levy. And tariffs on electric vehicles will rise to 100%.
“Once you hit 100%, you could make the tariff a thousand percent. Ten thousand percent. A million percent,” she said. “You know, it’s like no goods are getting in.”
A tariff that high is effectively a ban on Chinese EVs, Brewster added.
Q:
Do we want Chinese EVs here? I thought the Rs and conservatives were against EVs and China.
---
“Meaning that there were about $300 billion worth of tariffs introduced under the Trump administration. Most of those have been left in place after a four-year review of that policy,” Johnson said.
But there are differences. The Trump administration slapped tariffs on a wide range of goods, using a wide range of justifications, said Mary Lovely at the Peterson Institute for International Economics.
“Sometimes they were justified as a way to reduce the bilateral trade deficit. At other times it was retaliation for China’s unfair trade practices,” she said.
Trump also targeted Canada, Europe and other American allies. But Biden’s tariffs on Chinese imports are much more narrowly tailored — specifically toward the industries the administration’s been trying to promote with other legislation.
Biden’s tariffs might be more targeted, but they’re also a lot higher. Rachel Brewster, a professor at Duke Law School, said the Trump administration set tariffs in the 10% to 25% range.
“What they were trying to do is say to the Chinese government, ‘We’re flexing our muscles. We’re hurting you. And so you need to talk to us,’” Brewster said.
But the Biden administration has raised certain tariffs a lot more. Semiconductors and solar cells will face a 50% levy. And tariffs on electric vehicles will rise to 100%.
“Once you hit 100%, you could make the tariff a thousand percent. Ten thousand percent. A million percent,” she said. “You know, it’s like no goods are getting in.”
A tariff that high is effectively a ban on Chinese EVs, Brewster added.
Q:
Do we want Chinese EVs here? I thought the Rs and conservatives were against EVs and China.
---
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