New White House rules would close a tax loophole that lets Shein and Temu cheaply ship from China to American shoppers. The Biden administration says it undercuts U.S. workers, retailers and manufacturers.
Last week, President Biden placed tariffs on a slew of Chinese goods. When Donald Trump was president, he did the same. Regardless of who wins the election, the US is gearing up for heavy tariffs on imports in 2024. But this is far from the first time the economic tool has been in style.
Today, a brief history of US tariffs: how they came into fashion, fell out of fashion, are now back again and why economists aren't too happy about it.
The Biden administration is quadrupling tariffs on China-made EVs. The tariffs are part of a broad swath of protectionist policies first imposed by former President Trump.
The U.K. announced new economic sanctions against Russia and sanctioned more oligarchs and politicians. Government officials say they've designated more than 1,000 entities since the invasion began.
The 25% tariff on U.S. whiskey will be removed in January. Gone too will be the tariffs on U.S. motorcycles and denim, all levied during the Trump administration's trade battle with the E.U.
So far, President Biden has kept the steep tariffs on Chinese goods put in place by his predecessor. On Monday, his administration plans to unveil details of its own trade policy with China.
A new trade deal with Europe lifts tariffs that had put U.S. producers at a competitive disadvantage. Lobster shipments worldwide have suffered this year, largely as a result of the coronavirus.
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