US President Joseph Biden is raising tariffs on imports of a wide range of Chinese goods, Bloomberg reports.

In particular, it is about Chinese semiconductors, batteries, solar panels, critical minerals, port cranes, and medical goods. Earlier, it was announced that duties on steel, aluminum, and electric cars would be increased.

The most significant increase will be a 4-fold increase in duties on imports of Chinese electric cars to the United States. They will increase to 100% from the current 25% in 2024. Tariffs on Chinese semiconductor components will be raised to 50% from 25% in 2025.

According to the publication, the US president wants to support domestic production in critical industries ahead of the election.

The restrictions may affect about $18 billion of current annual imports. The new tariffs will take effect gradually from 2024 to 2026.

Trump first introduced such increases. Biden kept them and raised them even more.

The publication writes that the US Treasury Department allows appropriate tariffs from China.