Section 301, Trade Act 1974

Country / jurisdiction: United States · Year: 2024 · Status: In force · Level: National · Type: Voluntary

Section 301 of the Trade Act of 1974 grants the Office of the United States Trade Representative (USTR) the authority to investigate and take action, including imposing trade sanctions, to enforce US rights under trade agreements and respond to foreign trade practices.

In terms of these powers, in May 2024 the US increased tariffs on USD 18 billion of imports from China “in response to China’s unfair trade practices and to counteract the resulting harms,” and “protect American workers and businesses”:

The tariff rate on certain steel and aluminium products will increase from 0–7.5% to 25% in 2024.

The tariff rate on semiconductors will increase from 25% to 50% by 2025.

The tariff rate on electric vehicles will increase from 25% to 100% in 2024.

The tariff rate on lithium-ion EV batteries will increase from 7.5% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026.

The tariff rate on battery parts will increase from 7.5% to 25% in 2024.

The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026.

The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.

The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024.

Official source: https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2024/05/14/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices/