Sky's economics & data editor Ed Conway says there are political as well as economic reasons for the Biden administration's actions, warning they are likely to draw a response.
There are at least three things Joe Biden's new tariffs on Chinese goods are intended to achieve. Interestingly enough, preventing Chinese goods from entering the United States is arguably the least important of them. That's because the most eye-watering of all the new tariffs - a 100% rate on electric vehicles - is being imposed on a category where China doesn't really compete all that much. Consider: last year the US imported nearly $19bn worth of electric cars.
Many assumed there would be a big shift in economic diplomacy when Mr Biden took over from Donald Trump, and that he would rescind the tariffs and rules the Trump White House imposed on Beijing. However in reality, the Biden White House has, if anything, doubled down. They have introduced a host of new subsidies on the production of green technology and semiconductors , fighting China at its game. The back story here is that the world is on the brink of a new industrial revolution.
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