trade
While penalties for some items would be high, only electric vehicle batteries are a major import item on Biden’s list.
Americans who buy a Chinese-made electric car will pay twice as much as they would have without the new tariff and 25% more for Chinese solar panels.
The U.S. economy boomed last year, despite gloomy predictions. But a trade war could stop that growth in its tracks, economists say.
A Chinese declaration Friday banned exports of graphite without government permission, escalating a trade war with the Biden administration.
WHAT'S HAPPENING
Exports of American-produced luxury goods will also be banned as Russia faces even more economic sanctions.
Late night comedians joked about a shipping container getting stuck in the Suez Canal, blocking a critical trade route.
With nearly 3,000 jobs at stake, Biden seems uncertain about using a veto, even as Republicans, a civil rights leader and a former Obama official push him to do so.
China is set to be the only G20 country to have a growing economy this year.
FROM HUFFPOST CANADA
“In his words, Puerto Rico was dirty and the people were poor.” A former top Department of Homeland Security staffer said President Donald Trump asked if the U.S. could swap the island for Greenland.
The "small positive effect" of U.S. tariffs was more than offset by rising import costs and retaliatory tariffs, their paper concludes.