U.S. tariff hikes on Chinese products bound to boomerang

By Chen Zi (People's Daily Online) 09:13, June 04, 2024

Cartoon by Ma Hongliang

Recently, the U.S. announced that it would raise tariffs on a series of goods from China including solar cells, electric vehicles (EVs), computer chips, and medical products. The tariff rate on Chinese EV imports will increase from 25 percent to 100 percent.

This is a protectionist move by the U.S., which has politicized economic and trade issues. In fact, increasing tariffs on Chinese products will only drive up the cost of imported goods significantly and inflict more losses on American companies and consumers. Rating agency Moody's estimated that 92 percent of the costs of the tariff hikes will fall on American consumers, increasing average U.S. household expenditure by $1,300 annually.

The U.S. abuse of tariffs not only hurts its own people but also disrupts global trade. The U.S. side should earnestly abide by the rules of the World Trade Organization and maintain the security and stability of global industrial and supply chains.

(Web editor: Hongyu, Liang Jun)


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