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00:00U.S. President Joe Biden has announced an increase in tariffs on Chinese products.
00:10Experts say that Biden's administration is like a boomerang.
00:15Just like a boomerang returns to the thrower, the increase in tariffs will also backfire on the U.S.
00:23The U.S. action will not affect China's green transformation, nor will it affect its industrial development.
00:31Under Section 301 of the U.S. Customs and Border Protection Act, tariffs have already been imposed on Chinese products.
00:38But despite this, Biden's administration has tariffed on electric vehicles, lithium batteries, solar panels,
00:44raw materials, semiconductors, steel and aluminum.
00:49In 2020, the World Trade Organization declared that Section 301 was against its rules.
00:58The tariff on imports of Chinese goods is $18 billion.
01:06The $13 billion tariff has been imposed only on lithium batteries, while the remaining $5 billion has been imposed on other things.
01:14After the increase in tariffs, tariffs on Chinese electric vehicles will be reduced by 100% in a quarter of a year.
01:23In addition, tariffs on solar panels will be reduced by 50% this year.
01:28The Chinese Ministry of Commerce has described the U.S. action as a clear example of political coercion.
01:35According to them, the U.S. is using trade issues as a political tool.
01:43According to the statement, the increase in U.S. tariffs is contrary to the agreement of the leaders of both countries and U.S. President Joe Biden's promises.
01:53This will greatly affect the atmosphere of bilateral cooperation.
01:57The real purpose of implementing new taxes is to gain political benefits.
02:02President Joe Biden is in the running for the second term.
02:06By imposing new taxes on China, he wants to gather the sympathies of the American labor class.
02:15So that the votes of this class can be obtained.
02:18In November next year, there will be presidential elections in the United States.
02:22President Joe Biden's competition is with his predecessor Donald Trump, who is ahead of him in some surveys.
02:31Taxes on China's products could be a political move that could help voters.
02:39According to a survey in January, such tariffs do not benefit the economy.
02:46And no new jobs are created.
02:48However, in 2018 and 2019, Donald Trump implemented taxes in many countries, including China.
02:56The benefit of this was that many labor class became supporters of Trump's party.
03:02The report says that the American people have to pay a heavy price for imposing taxes on Chinese products.
03:09Despite this, voters are in favor of this practice.
03:13Joe Biden announced in the state of Pennsylvania that he would triple the tariffs on Chinese steel.
03:20This state is famous for its steel production.
03:24China has begun to build its industry and supply cars at low prices compared to the expensive American electric vehicles.
03:36The demand for Chinese electric vehicles is increasing worldwide.
03:40Joe Biden has also increased the tariffs on electric vehicles.
03:44The purpose of this is to bring the big players of the auto industry together.
03:49So that more funding can be obtained for the election campaign.
03:54China is a major trading partner of the United States.
03:57In 2023, China sold $ 427 million worth of goods to the United States.
04:03On the contrary, the United States sold $ 148 million worth of goods to China.
04:08This trade gap has been going on for decades in both countries.
04:12According to experts, China is not able to compete with the United States in the field of manufacturing.
04:18That's why their politicians are using tariffs as a political weapon.
04:23Its purpose is to give labor unions their rights.
04:27In addition to political benefits, the purpose of the US tariff can also target China's new energy industry.
04:34China's nuclear energy vehicles industry is not being developed by the United States.
04:40He is afraid that his companies may lose their top position in the global supply chain.
04:46That's why he has started targeting China's emerging markets.
04:55Experts believe that additional revenue will not benefit the United States at all.
04:59These steps have been harmful to the United States for a long time.
05:04Additional tariffs will increase the prices of goods in the United States.
05:08This will reduce the expenses of consumers and increase the number of employees.
05:12Supply chains and factories will face obstacles due to increasing operations and expenses.
05:19Adjustments will be needed to control the operational and production costs.
05:24Experts have warned that the US tariff measures can harm global efforts as well as its own environmental changes.
05:39China's new energy industry is very popular in the global market.
05:43It supports the global energy supply chain.
05:53Every electric vehicle produced in China produces 1.66 tons of carbon.
06:01In 2023 alone, China exported 12 lakh such electric vehicles.
06:06The additional tariffs imposed by the United States will hamper the electrification of the global auto industry.
06:15In light of China's baseless accusations against the United States,
06:19Experts believe that China should continue its green transformation and industrial upgrade continuously.
06:27So that efforts to reduce carbon emissions on a global scale can continue.
06:33For more interesting videos, keep watching Daily Pakistan.