Meme rally roars as stocks stay muted in inflation countdown

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President Biden spoke Tuesday about the administration’s decision to announce a new wave of tariffs across an array of Chinese goods.

“American workers can outwork and outcompete anyone as long as the competition is fair. But for too long it hasn’t been fair,” the president said while speaking at the White House Lawn.

He criticized the Chinese government of “cheating” due to heavy state subsidies and “unfairly low” global market prices.

Electric vehicles are a prime focus, with duties in that category set to quadruple this year from 25% to 100%.

“Future of electric vehicles will be made in America by union workers. Period,” Biden said.

Other tariff targets include steel, aluminum, semiconductors, medical devices, and more. The administration plans to raise duties on $18 billion in Chinese imports.

The announcement comes as President Biden gears up for a rematch against his predecessor, Donald Trump.

President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. (AP Photo/Susan Walsh) (ASSOCIATED PRESS)

Yahoo Finance’s Ben Werschkul and Brian Sozzi have more here:

Biden’s actions notably do not include the lowering of more than $300 billion in Trump-era duties on China. Biden largely re-upped former President Donald Trump’s policy — and added new tariffs on certain sectors on top.

“The president is taking a tough, strategic approach combining investment at home with enforcement against China in key sectors,” national economic advisor Lael Brainard said ahead of the news.

Biden’s top economic aide also drew a sharp contrast with Trump’s trade record in her comments to reporters. She said Trump’s moves in office “did not deliver” and that his current 2024 campaign trail promises would spike inflation.

Most of the new tariffs announced this week could be felt quickly and are set to be implemented this year.

Others — such as new duties on semiconductors and batteries — are set to phase in more slowly in 2025 and 2026.

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