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US Increases Tariffs on Chinese Imports in Effort to Curb Unfair Trade Practices
President Biden has instructed the US Trade Representative to increase tariffs on $18 billion of imports from China, targeting strategic sectors such as steel, aluminum, semiconductors, electric vehicles, batteries, and solar cells. This move comes as part of the ongoing superpower rivalry between the US and China, with the US attempting to limit China's access to technology and important materials. Despite these efforts, China has emerged as a dominant player in the electric vehicle market, outselling even Elon Musk's Tesla. The US, however, still maintains its financial hegemony, with the dollar remaining the world's reserve currency. The overall picture of the US economy and strong dollar tells a strong story that the US still dominates the world economy and finance. Despite the ongoing rivalry, the competition in the electric vehicle market is leading to better energy and technology solutions for the planet.
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