U.S. increased tariffs on China's electric vehicles a large mistake

2024-05-15 Editor : Li Yan ECNS App Download

Foreign Ministry spokesman Wang Wenbin said on Wednesday that the U.S. tariff increases on electric vehicles and semiconductors from China is another mistake Washington has made after it continuously politicizes economic and trade issues.

"This will significantly push up the costs of imported products and it is the consumers in the U.S. that will suffer more losses," Wang said at a regular news briefing in Beijing.

U.S. President Joe Biden announced on Tuesday that he is quadrupling tariffs on Chinese electric vehicles to 100 percent and imposing new levies on computer chips, solar cells and lithium-ion batteries.

Wang cited a report from the rating agency Moody's Investors Service saying that U.S. importers absorbed more than 90 percent of the additional costs caused by the increased U.S. tariffs on Chinese goods.

Wang said that Washington's protectionist measures will also further undermine the security and stability of global industrial and supply chains.

"As some European politicians have said that the increased tariffs is the worst policy that will undermine the global trade," he said.

"We urge the U.S. side to abide by the World Trade Organization rules and immediately withdraw its tariff increases. We will do everything we can to safeguard our interests and rights," the spokesman said.


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