B and STRONG are not the same thing, nor are I and EM .
EM means the text is underlined. Thus, this speaks of how the text should be interpreted, and this is understood by screen readers (text-to-speech), etc. This has a logical meaning. I , on the other hand, says nothing about semantics - it simply tells the HTML visualizer to render the text in italics. Therefore, in the text, to emphasize, use EM . If for some reason you need some text to be italicized without it, implying that the text should be highlighted, then you can use I
The same applies to STRONG and B
However, I really dislike FONT because it says nothing about semantics. Use Hn for headers, EM for highlighting, CODE for code, etc. If you are missing a tag for some context, define a CSS rule, for example
<p class="footer">...</p>
or
<p>This is <strong class="extraordinaryEmphasis">extremely</strong> important.</p>
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