Rally meme roars as stocks remain silent in countdown to inflation

President Biden on Tuesday spoke about the administration’s decision to announce a new wave of tariffs on a range of Chinese goods.

“American workers can outwork and outcompete anyone as long as the competition is fair,” the president said while speaking on the White House lawn. “But for a long time it hasn’t been fair.”

He criticized the Chinese government for “cheating” due to heavy government subsidies and “unfairly low” global market prices.

Electric vehicles are the main focus, and tariffs in this category are set to quadruple this year from 25% to 100%.

“The future of electric vehicles will be made in America by union workers. Period,” Biden said.

Other tariff targets include steel, aluminum, semiconductors, medical devices and others. The administration plans to increase customs duties on Chinese imports worth $18 billion.

This announcement comes as President Biden prepares for a rematch against his predecessor, Donald Trump.

Yahoo Finance’s Ben Werchkul and Brian Suozzi have more here:

Biden’s actions do not specifically include reducing more than $300 billion in tariffs imposed on China during the Trump era. Biden has largely re-enforced former President Donald Trump’s policy — and added new tariffs on certain sectors on top.

“The President is taking an aggressive strategic approach that combines investment at home with execution against China in key sectors,” National Economic Advisor Lael Brainard said before the news broke.

Biden’s top economic aide also sharply contrasted Trump’s trade record in her comments to reporters. She said Trump’s moves in office “have not materialized” and that his current 2024 campaign promises will lead to higher inflation.

Most of the new tariffs announced this week will be felt quickly and are scheduled to be implemented this year.

Other duties – such as new duties on semiconductors and batteries – are scheduled to be implemented more slowly in 2025 and 2026.