President Joe Biden has announced an increase in tariffs on $18 billion worth of Chinese imports in key sectors considered critical for national security. The tariffs will target steel, aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes, and medical products. These tariff rates, ranging from 100% on electric vehicles to 25% on other sectors, will be phased in over the next two years. The administration aims to prioritize US production and hinder China's advancement in crucial technologies to promote clean energy and diversified production.

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