The Biden administration is taking a firm stance on protecting strategic industries from China’s state-driven industrial practices by imposing steep tariff hikes on Chinese imports. These tariffs include a 100% duty on electric vehicles, 50% on solar cells, and 25% on various materials like steel, aluminum, and minerals. The decision, aimed at countering China’s unfair trade practices, will go into effect on September 27. Despite industry complaints about disruptions in the supply chain, the administration believes these targeted tariffs are necessary to ensure the diversification of the US EV industry and counter China’s dominance. While China has condemned the move,…

US Treasury Secretary Janet Yellen hinted at retiring from government service after President Joe Biden’s term ends in January, but she will continue her work at Treasury, including managing the tense US-China relationship. Yellen expressed her intention to meet soon with Chinese Vice Premier He Lifeng to discuss economic issues. She emphasized the importance of nurturing the US-China relationship and addressing differences to prevent tensions from escalating. The Treasury’s undersecretary, Jay Shambaugh, will lead a delegation to Beijing to discuss economic matters, focusing on China’s excess production capacity. Yellen stressed the need for ongoing attention to the US-China relationship at…