The Biden administration’s recent decision to impose new tariffs on Chinese imports has ignited a wave of criticism across the United States. Experts, officials, and media outlets argue that these measures could harm U.S. consumers, lead to significant job losses, and undermine global efforts to combat climate change.
The tariffs target a variety of industries, including electric vehicles, solar panels, and steel products from the Chinese mainland. Introduced under the premise of protecting American workers and businesses, this move contrasts with President Biden’s previous stance against similar tariffs imposed by the Trump administration, which were criticized for increasing costs for U.S. farmers, consumers, and manufacturers.
According to an analysis by CNN, these tariffs are expected to drive up costs for U.S. distributors, retailers, and ultimately consumers. Ryan Sweet, chief U.S. economist at Oxford Economics, noted that the tariffs often serve more political purposes than economic ones. Kenny Polcari, chief market strategist at SlateStone Wealth, echoed these sentiments, emphasizing that the tariffs are likely to inflict greater pain on American consumers.
Political backlash has also surfaced. Jared Polis, Governor of Colorado, voiced his disapproval on social media, stating, \"This is horrible news for American consumers and a major setback for clean energy. Tariffs are a direct, regressive tax on Americans and this tax increase will hit every family.\"
Scott Lincicome, vice president of general economics at the Stiefel Trade Policy Center at the Cato Institute, highlighted a stark contradiction in President Biden’s policies. In an interview with FOX Business, Lincicome pointed out the inconsistency between imposing tariffs on Chinese electric vehicles, solar panels, and batteries while the administration touts its commitment to reducing carbon emissions and addressing climate change.
On the other side, leading Chinese photovoltaic companies such as Longi Green Energy, JA Solar Technology, and JinkoSolar have stated that the new tariffs on solar cells are unlikely to significantly impact the domestic photovoltaic industry, as reported by financial news outlet Yicai.
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Tariff hikes on China hurt U.S. economy and fight on climate change
cgtn.com