Biden implements new tariffs on $18 billion of Chinese goods as trade tensions rise

New U.S. tariffs on $18 billion of Chinese goods will take effect on Friday, targeting 14 categories, including electric vehicles and solar panels. These tariffs come amid rising trade tensions but are seen as mostly symbolic since the U.S. imports few of these products directly from China. The tariffs will increase existing duties on electric vehicles to 100% and delay a 25% tariff on natural graphite until 2026. The U.S. trade deficit with China has decreased significantly, driven by previous tariffs, with imports down 20% in 2023 compared to the previous year. While the tariffs aim to support U.S. industries, they have faced criticism for potentially disrupting global supply chains. China has responded cautiously, seeking to improve relations with the U.S. and other countries amid these trade restrictions.