What Biden’s tariffs on Chinese imports may mean for American jobs, the economy and inflation
CNN
Countries have long imposed tariffs as a means of protecting and shoring up domestic industries.
Countries have long imposed tariffs as a means of protecting and shoring up domestic industries. However, history and research have shown that the economic effects often fail to live up to the hype. On Tuesday, the Biden administration announced the latest iteration of American import taxes: a wave of new and heightened tariffs on Chinese exports across a slew of industries deemed strategic to national security. Economists expect that the newly announced $18 billion in tariffs likely will have a minimal near-term impact on GDP, inflation and monetary policy — some equating it to a mere “rounding error.” However, on a broader level, the picture could be more complex. “The tariffs announced on China by the Biden administration foreshadow what is going to be a long, cold winter of economic conflict between the US and China,” economist Joe Brusuelas at RSM US told CNN. The latest tariffs build upon former President Donald Trump’s sweeping $300 billion program in 2018 and 2019, which levied tariffs heavily against China and a variety of other trading partners and is still in effect.
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