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FT News Briefing
Swamp Notes: Trading tariffs for votes
May 18, 2024
FT's US climate reporter, Aime Williams, and US financial editor, Brooke Masters, explain why President Trump announced tariffs on Chinese goods and how it could help him win votes. Topics include the impact of tariffs on trade, Biden's strategy on China, and concerns over the dominance of Chinese EVs in the market.
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Quick takeaways
- Biden's tariffs on Chinese clean tech goods aim to protect US jobs and industry competitiveness against Chinese counterparts.
- Tariffs on Chinese EVs and clean energy imports prioritize job creation and domestic industry support, appealing to swing state voters.
Deep dives
Biden Administration's Tariff Escalation on Chinese Goods
President Joe Biden announced significant increases in tariffs on a variety of clean energy imports from China, including electric vehicles (EVs), Chinese chips, steel, and aluminum. Retaining and expanding on Donald Trump's tariffs, Biden aims to protect the U.S. electric vehicle market from Chinese competitors offering cheaper EVs that could undermine domestic manufacturers. The decision is driven by the need to support American jobs, particularly in states like Michigan and Pennsylvania, where the auto industry and unions hold significant influence.
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