US slaps steep tariff hikes on Chinese imports of chips, EVs, medical equipment

News Snapshot:

The US has imposed sharp tariff hikes on multiple Chinese imports, including electric vehicle (EV) batteries, computer chips and medical products, prompting a response from China which said that the move “will seriously affect the atmosphere of bilateral cooperation". US on Tuesday quadrupled EV duties to over 100% and doubled duties on semiconductor tariffs to 50%, the White House said in a statement. It cited "unacceptable risks" to US economic security posed by what it considers unfair Chinese practices that are flooding global markets with cheap goods. The new measures affect $18 billion in imported Chinese goods including steel and...