On May 14, 2024, the Biden administration — following the conclusion of the U.S. trade representative’s statutory review of Section 301 tariffs imposed on Chinese-origin goods in 2018 — announced prospective increases to tariffs on a range of goods manufactured in China. The administration directed the USTR to increase tariffs on $18 billion of imports from China across strategic manufacturing sectors, including electric vehicles, batteries, solar cells, semiconductors, and other critical minerals and materials such as steel, aluminum and medical products. Read on to learn why companies should assess the extent to which new and increased tariffs impact their operations and future development plans.
