President Biden unveiled new tariffs on Chinese imports in the US covering about $18 billion worth of goods. In an exclusive interview with Yahoo Finance, Biden spoke with Executive Editor Brian Sozzi, claiming, in part, that the tariffs were levied out of "being fair" with China's business practices. But with the tax rate on Chinese EVs imported into the US being raised to 102.5%, how will this affect consumers and the United States' relationship with China?

Semafor Founding Editor at Large Steve Clemons joins Market Domination to discuss Biden's new tariffs and the broader implications for trade relations between the two nations.

"Sometimes high tariff walls produce inefficiencies here. And my question is, what are you going to do with the American industry to benchmark their growth and progress so that you're not actually protecting lethargy and inefficiency and lack of innovation, and watching companies take that money and investment they have and... buy back stock shares as opposed to... actually investing in themselves," Clemons comments on the effectiveness of tariffs.

"So I'm hopeful, but I think we ought to be very cautious and skeptical that this is going to basically turn around the US manufacturing sector right away."

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This post was written by Nicholas Jacobino