Meme rally roars as stocks stay muted in inflation countdown

President Biden announced a new wave of tariffs on Chinese goods, citing unfair competition from heavy state subsidies and low market prices. The tariffs will quadruple on electric vehicles and target industries like steel, aluminum, and medical devices. The administration plans to raise duties on $18 billion in imports from China. The move comes as Biden prepares for a rematch against former President Trump. The tariffs do not include lowering Trump-era duties and are set to be implemented this year. Some tariffs, like those on semiconductors and batteries, will phase in more slowly in 2025 and 2026. Biden’s economic advisor emphasized a tough approach toward China, contrasting with Trump’s trade policies.