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Dow Jones | 38091.13 | 0.50% |
NASDAQ | 15724.18 | 0.76% |
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Dow Jones | 38091.13 | 0.50% |
NASDAQ | 15724.18 | 0.76% |
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MCAGU | 55.0000 | 411.63% |
XBP | 2.1500 | 64.12% |
SGBX | 3.0500 | 38.38% |
ENVX | 8.7200 | 33.95% |
OPI | 2.6500 | 32.50% |
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NUVO | 4.8662 | 40.00% |
XPEL | 36.2100 | 32.68% |
BON | 2.7300 | 29.09% |
DRVN | 10.8200 | 26.19% |
FRSH | 13.5450 | 25.78% |
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ALLR | 1.6200 | 18.25% |
JAGX | 0.2669 | 18.62% |
SQQQ | 12.0212 | 1.63% |
FFIE | 0.0413 | 10.41% |
TSLA | 179.6890 | 0.17% |
(Repeats with no changes to text)
By Jarrett Renshaw
April 19 (Reuters) - The Biden administration's threat
to impose more tariffs on China is the latest election-year
signal that frostier relations with China are likely to follow
regardless of who wins the U.S. presidency.
U.S. President Joe Biden traveled to the battleground state
of Pennsylvania on Wednesday to call for higher tariffs on
Chinese steel and aluminum products, and top administration
officials have signaled those are unlikely to be his last salvo
against China this election season.
The same day, Treasury Secretary Janet Yellen signaled that
tariffs on Chinese electric vehicles may be necessary to protect
American workers from Beijing's glut of overproduction.
This week, the administration also launched an investigation
into what it said were China's attempts to dominate the
maritime, logistics and shipbuilding industries. Many experts
now think the result of that probe and an ongoing multi-year
review of Trump-era trade policies will be even more new tariffs
on imports from China.
Liu Pengyu, spokesperson at the Chinese embassy in
Washington, said U.S. tariffs embody unilateralism and
protectionism.
"Many trading partners of the United States, including
China, are strongly dissatisfied with the United States'
frequent use of national security, non-market behavior,
overcapacity and other reasons to impose restrictions and
politicize trade issues," Pengyu said in a statement on
Wednesday in response to the proposed steel tariffs.
The Biden administration's decision to ramp up tariffs this
week suggests a hawkish trade climate heading into the 2024
election as Biden and his Republican rival, Donald Trump, see a
tough-on-China stance as a part of the road to victory,
particularly in rust-belt states like Michigan and Pennsylvania.
Trump has proposed 10% across-the-board import tariffs if he
were to return to the White House.
He also proposes phasing out Chinese imports of goods such
as electronics, steel and pharmaceuticals over four years and
wants to prohibit Chinese companies from owning U.S.
infrastructure in the energy and tech sectors.
Forty-one percent of Americans named China as the greatest
U.S. enemy in a Gallup poll released in March, making it the top
perceived U.S. adversary for the fourth straight year, the
polling group said.
"China is inevitably getting drawn into what's likely to be
a little bit of a chaotic cycle. And I think really, right now,
we're just seeing the beginnings of that," said Allen Carlson, a
Cornell University professor and expert on U.S.-China relations.
White House officials dismiss the idea that politics is at
play, even as Biden trumpeted the proposed steel tariffs in an
emotional anti-Trump speech at the United Steelworkers union
headquarters in Pennsylvania.
Instead, administration officials say they fear a flood of
low-cost exports from China is jeopardizing billions of dollars
in tax incentives secured by Biden to anchor industries like
solar, wind and electric vehicles in the United States.
China's slow-growing economy is forcing manufacturers to
double down on exports to offset weak domestic demand growth,
causing China's manufacturing trade surplus to surge to record
levels, administration officials say.
Double sided-solar panels, known as bifacials, provide an
example of the administration's concerns. The administration
granted an tariff exemption to China until 2026 to help promote
solar power in the U.S., but now officials are expected to lift
the ban and impose tariffs after cheap cells flooded the U.S.
market, Reuters reported on Wednesday.
South Korea's Hanwha Qcells asked the administration to lift
the ban to protect a pledged $2.5 billion expansion of its U.S.
solar manufacturing presence against competition from cheaper
Asian-made products.
Biden aides said their administration's policies differed
from Trump's in key respects, including being narrowly targeted
to specific industries and products - which could lower the odds
of strong retaliation by China and other foreign governments.
The steel and aluminum proposal, for instance, would only
target $1 billion in goods versus the hundreds of billions
implicated by Trump's broader tariffs, a senior administration
official said.
Strong U.S. policy against China is one of the rare issues
that has strong bipartisan support across the country.
"Everybody's anti-China these days and it's reflected in
public opinion," said Bill Reinsch, a senior adviser at the
Center for Strategic and International Studies.
(Reporting By Jarrett Renshaw; additional reporting by Jeff
Mason; editing by Trevor Hunnicutt and Deepa Babington)
((jarrett.renshaw@thomsonreuters.com; (646) 223-6193;))