The recent decision by the Biden administration to impose new tariffs on Chinese imports has ignited criticism from various sectors within the United States. Experts, officials, and media outlets have expressed concerns that these measures may harm U.S. consumers, lead to significant job losses, and undermine global efforts to combat climate change.
The tariffs, which affect a range of industries including Chinese electric vehicles, solar panels, and steel products, were introduced under the premise of “protecting American workers and businesses.” This move comes despite President Joe Biden’s previous criticism of similar tariffs imposed by the Trump administration, which he argued had inflicted economic pain on U.S. farmers, consumers, and manufacturers due to increased import prices.
An analysis by CNN suggests that the tariffs are expected to drive up costs for U.S. distributors, retailers, and ultimately consumers. Ryan Sweet, chief U.S. economist at Oxford Economics, remarked that such tariffs typically make more political than economic sense.
Kenny Polcari, chief market strategist at SlateStone Wealth, echoed this sentiment, stating that the move would bring greater pain to American consumers. “Tariffs are a direct, regressive tax on Americans, and this tax increase will hit every family,” he noted.
Criticism has also emerged from the political sphere. Jared Polis, Governor of Colorado, commented in a social media post, “This is horrible news for American consumers and a major setback for clean energy.”
Scott Lincicome, vice president of general economics and the Stiefel Trade Policy Center at the Cato Institute, highlighted the contradiction between raising tariffs on Chinese electric vehicles, solar panels, and batteries, and President Biden’s stated commitment to addressing climate change and reducing carbon emissions. In an interview with FOX Business, he questioned the alignment of these tariffs with environmental goals.
Meanwhile, leading Chinese photovoltaic companies such as Longi Green Energy, JA Solar Technology, and JinkoSolar have indicated that the latest tariffs on solar cells are unlikely to significantly impact the domestic photovoltaic industry, according to a report by financial news outlet Yicai.
Reference(s):
Tariff hikes on China hurt U.S. economy and fight on climate change
cgtn.com
