HUGE: Biden Admits Trump Was Right

(5MinNewsBreak.com) – President Joe Biden has made the strongest admission possible that his rival Donald Trump was right as the former has now officially adopted the latter’s policies by hiking tariffs on imports from Communist China, and has even vowed to do again if reelected in November.

On Tuesday, the Biden administration declared an increase in tariffs on Chinese goods in various sectors deemed strategically significant by the White House, National Review reports.

The administration is addressing China’s “unfair trade practices” by significantly escalating the taxes on a range of Chinese imports, including but not limited to steel and aluminum, semiconductors, electric vehicles, and essential minerals, as outlined in a White House document.

“Today’s actions to counter China’s unfair trade practices are carefully targeted at strategic sectors—the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs—unlike recent proposals by Congressional Republicans that would threaten jobs and raise costs across the board,” stated the White House.

Furthermore, the statement claimed that the trade policies regarding China under former President Donald Trump “failed to increase American exports or boost American manufacturing.”

As per Biden’s new strategy, the tariff on steel will ascend from 7.5 percent to 25 percent within this calendar year.

Additionally, the tax on semiconductors is set to rise from 25 percent to 50 percent by next year.

In 2022, Biden endorsed the bipartisan CHIPS and Science Act to bolster U.S. semiconductor production and intensify resources dedicated to research and development.

Semiconductors are crucial for the U.S. in its strategic rivalry with China and play a vital role in the production of a diverse array of products, the report notes.

This year will also see the U.S. escalating its tariff on Chinese electric vehicles from 25 percent to 100 percent.

Concurrently, the Biden administration is implementing various subsidies and regulations to promote the American electric vehicle industry over conventional gas-powered vehicles.

Moreover, the Biden administration plans to increase the tariffs on lithium-ion electric vehicle batteries and their components from 7.5 to 25 percent this year. The tariff for lithium-ion batteries for non-electric vehicles will also jump from 7.5 percent to 25 percent in two years, and the tariff on non-graphite magnets will rise from zero to 25 percent by 2026.

Tariffs on other critical minerals are set to increase from zero to 25 percent this year as well.

Biden is poised to announce his support for maintaining over $300 billion in tariffs instituted by Donald Trump, the GOP’s presumptive 2024 nominee, as reported by the New York Times.

Biden’s increase in tariffs on Communist China is a reversal of the president’s previous campaigning against Trump’s tariffs.

“Mexico isn’t paying for the wall. American military families are. China isn’t paying for the tariffs. American farmers and manufacturers are. The American people continue to foot the bill for President Trump’s senseless political games,” Biden tweeted in September 2019.

Earlier this year, Trump proposed increasing tariffs on China across the board to more than 60%.

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