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Comparing New and Current U.S. Tariffs on Chinese Imports

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See this visualization first on the Voronoi app.

An infographic showing the current and new tariff rates the U.S. has imposed on various Chinese goods.

U.S. Announces New Tariffs On A Range of Chinese Goods

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This week, the U.S. introduced a new series of tariff increases on Chinese imports, amounting to over $18 billion worth of goods.

In the announcement, President Biden said they are aiming to “counter China’s unfair trade practices” by targeting specific sectors where the U.S. is boosting domestic production.

This graphic shows the new and current U.S. tariff rates set on a variety of Chinese imports.

Tariff rates and implementation years for the new rates come from The White House’s May 14 press release announcing the new tariff rate increases. Implementation years for the current rates comes from the Office of the United States Trade Representative (USTR) and United States International Trade Commission (USITC).

Tariff Raises on China Hit EV and Medical Industries

Below, we show the current and new tariff rates, as well as the implementation years for both, for a range of Chinese imports, as of May 14, 2024.

ImportCurrent rateNew rateImplementation year (current rate)Implementation year (new rate)
Electric vehicles (EVs)25%100%20182024
Semiconductors25%50%20182025
Solar cells25%50%20182024
Syringes and needles0%50%N/A2024
Some steel and aluminium products*†7.5%25%20192024
Lithium-ion EV batteries7.5%25%20192024
Lithium-ion non-EV batteries*7.5%25%20192026
Battery parts*7.5%25%20192024
Some personal protective equipment (PPE)*†7.5%25%20192024
Rubber medical and surgical gloves*7.5%25%20192026
Natural graphite and permanent magnets0%25%N/A2026
Other critical minerals0%25%N/A2024
Ship-to-shore cranes0%25%N/A2024

†Current rate for steel and aluminium products and personal protective equipment ranges from 0 to 7.5%.

*Tariffs implemented in 2019 started at 15% and were reduced to 7.5% in January 2020

The U.S. directed many of its new tariff increases on the Chinese EV industry, targeting imports such as semiconductors, lithium-ion batteries, and other battery parts.

Notably, tariffs on electric vehicles from China were bumped to 100% and new tariffs on certain critical minerals, which are essential for manufacturing battery parts and semiconductors, were introduced.

Medical-related products, such as medical and surgical gloves and certain personal protective equipment like face masks were also impacted by the new tariff increases. Some of these items were previously granted exclusions from Section 301 tariffs due to COVID-19.

Syringes and needles, which were previously not subjected to any tariffs, were also hit with a new 50% tariff.

Section 301 Tariffs Still Going Strong

Tariffs are taxes imposed by a country on imported goods, increasing their price to protect domestic industries, regulate trade, or generate revenue for the government.

These new tariff actions were introduced under Section 301, a provision that allows the U.S. government to investigate and respond to unfair trade practices by foreign countries.

Section 301 tariffs on Chinese goods were first introduced by former President Donald Trump in 2018, which sparked retaliatory tariffs on China and set off a years-long trade war between the two countries.

Currently, Section 301 tariffs apply to over $300 billion worth of Chinese imports.

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The World’s Largest Economies: Comparing the U.S. and China

How do the world’s two largest economies compare? We look at the economies of U.S. and China across GDP, stock markets, and FDI.

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Comparing the Economies of U.S. and China in 3 Key Metrics

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we provide insight into the world’s two biggest economies by comparing them across three key metrics: GDP, equity market valuation, and foreign direct investment (FDI).

Starting with GDP, we used 2024 estimates from the latest edition of the IMF’s World Economic Outlook (April 2024):

CountryGDP (% of total)GDP (USD billions)
🇺🇸 U.S.26.3$28,780
🇨🇳 China16.9$18,530
🌍 Rest of World56.8$62,220

Based on these figures, the United States and China combine for a massive 43.2% share of the global economy.

It’s also interesting to note that America’s share of global GDP has actually been increasing in recent years, from a low of 21.1% in 2011. This is partly due to its relatively strong recovery from the COVID-19 pandemic.

Equity Market Valuation

The U.S. dominates when it comes to stock market valuation, accounting for 61% of the global total as of Feb. 29, 2024. These figures are based on each country’s share of the S&P Global BMI, which is a broad coverage index, including large, mid, and small-cap stocks from developed and emerging markets.

Country% of Global Market Cap
🇺🇸 U.S.61.0
🇨🇳 China2.8
🌍 Rest of World36.2

The massive disparity in equity market valuations between the U.S. and China is a result of differences in many factors, including market maturity, corporate governance, and international participation.

In terms of country rankings within the S&P Global BMI, China is the fourth largest (behind Japan and the UK).

Foreign Direct Investment

FDI is an investment made by a firm or individual in one country into business interests located in another country. This type of investment can be very beneficial because it can create jobs and enhance economic growth. The FDI figures in this graphic were sourced from fDi Intelligence, and represent cumulative FDI stock from 1990 to 2022.

Country% of Global FDIFDI (current USD)
🇺🇸 U.S.23.7$10.5T
🇨🇳 China8.6$3.8T
🌍 Rest of World67.7$30.0T

The U.S. and China are first and second in terms of cumulative FDI stock. Attracting FDI is one area where China has performed very strongly in recent years.

For example, in 2012, China had attracted $950 billion in FDI, good enough for sixth place. As of 2022, China’s total had grown to $3.8 trillion, a testament to its attractiveness to global businesses, even in the face of regulatory challenges and geopolitical tensions.

Learn More About the Global Economy From Visual Capitalist

If you enjoyed this graphic, check out this graphic ranking the world’s biggest stock markets by country.

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