Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Politics

Sen Hawley wants Biden to hike tariffs on Chinese energy imports

by March 6, 2024
March 6, 2024
Sen Hawley wants Biden to hike tariffs on Chinese energy imports

Sen. Josh Hawley, R-Mo., wants President Biden to increase tariffs on any imported energy components from China, a week after he introduced another bill that would hike tariffs on Chinese electric vehicle imports.

‘President Biden’s climate agenda undermines U.S. energy independence and will make us more reliant on China,’ Hawley told Fox News Digital in a statement. ‘We can’t afford energy policies that enrich our greatest adversary at the expense of American workers here at home. It’s time to declare our energy independence from China—and we can start by raising tariffs on China’s green energy sector.’

Tariffs are taxes or duties imposed by a government on imported or exported goods.

Hawley will introduce a new bill on Tuesday called the Declaring Our Energy Independence from China Act. It would require the president to apply additional tariffs on all battery components, solar energy components and wind energy components imported from China at a 25% rate. 

The president could increase the rate by 5% annually for the next five years, peaking at 50%, according to the bill.

Since former President Trump’s term, the average U.S. tariffs on Chinese imports remain at approximately 19.3%, according to an estimate from the nonprofit research group Peterson Institute for International Economics. 

The bill would also require a report on subsidies China provided to its battery, solar and wind energy sectors over the past 15 years, including direct fund transfers, tax breaks and preferential access to resources.

Last year, Biden halted tariffs on solar imports for two years. A bipartisan Congressional Review Act resolution was passed to end the pause, but the president vetoed it.

Biden also introduced mandates to transition American manufacturers and workers toward electric vehicles (EVs), targeting two-thirds of all U.S. automobiles to be EVs by 2032. 

According to a U.S. Department of Defense report last summer, China controls most renewable energy equipment production and material supply chains.

Hawley is not the only one concerned about China dominating the U.S. energy industry. In January, a group of bipartisan senators sent a letter to Biden urging him to increase tariffs on Chinese imported solar panels. 

‘By 2026, China will have enough capacity to meet annual global demand for the next ten years,’ Sens. Marco Rubio, R-Fla., Jon Osoff, D-Ga., Raphael Warnock, D-Ga., and Sherrod Brown, D-Ohio wrote. ‘This capacity is an existential threat to the U.S. solar industry and American energy security.’

Last week, Hawley proposed a bill to boost the current 2.5% tariff on vehicles to 100%, effectively increasing the overall tariff on all Chinese automobile imports from 27.5% to 125%.

Fox News Digital reached out to the White House for comment on Hawley’s bill.

This post appeared first on FOX NEWS
previous post
McConnell in talks to endorse Trump in 2024 presidential race: report
next post
Chip Roy unveils bill to let Americans sue COVID-19 vaccine makers over injury, negative effects

Related Posts

Wes Moore, considered a rising star among Democratic...

July 22, 2024

Energy Sec. Wright outlines Day 1 priorities: Refilling...

February 5, 2025

Where Trump’s Cabinet nominees stand in Senate confirmation...

January 30, 2025

Libertarian Party chair says RFK Jr. nomination could...

March 8, 2024

Trump warns of jail time for Tesla vandals,...

March 21, 2025

Iran retaliates with missile attack on US base...

June 23, 2025

Sen Graham touts Trump plan for Ukraine loan...

March 20, 2024

Pentagon says ‘small number’ of North Korean troops...

October 30, 2024

What is GARM? ‘Collusive’ ad group allegedly targeting...

August 6, 2024

Bondi spars with Schiff at testy confirmation hearing:...

January 16, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Latest News

    • State Department to begin mass layoffs of about 1,800 employees in coming days

      July 11, 2025
    • Duffy just got an additional job in Trump’s administration, and he’s not the only one wearing multiple hats

      July 11, 2025
    • Duffy just got an additional job in Trump’s administration — and he’s not the only one wearing multiple hats

      July 10, 2025
    • ‘It will happen quickly’: State Dept poised to act after Supreme Court green-lights agency layoffs

      July 10, 2025
    • Hegseth tears up red tape, orders Pentagon to begin drone surge at Trump’s command

      July 10, 2025
    • SCOOP: Sen Ron Johnson readies subpoenas for FBI, DOJ in Butler shooting probe

      July 10, 2025

    Categories

    • Business (1,303)
    • Politics (6,344)
    • Stocks (904)
    • World News (460)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 insidersadvisor.com | All Rights Reserved