Editorial
15:32 JST, May 23, 2024
If trade friction between the United States and China intensifies, the damage to the global economy will be significant. It is hoped that the two countries will refrain from taking excessive measures against each other and seek solutions through dialogue.
The U.S. government has announced a plan to strengthen its punitive tariffs on China, quadrupling the tariff rate on Chinese-made electric vehicles from the current 25% to 100%.
For old-generation semiconductor chips, the tariff rate will be raised from 25% to 50%. For steel and aluminum, the rate will be approximately tripled to 25%. Targets of the punitive tariffs reportedly cover $18 billion (about ¥2.8 trillion) worth of goods in seven areas.
The punitive tariffs will be implemented under Section 301 of the........