Biden administration quadruples import tariff for Chinese EVs
The United States is taking additional measures to quash China’s influence on its economy. The White House has announced a tremendous increase in tariffs on $18 billion worth of Chinese imports, including semiconductors, steel, aluminum and EVs. The latter’s tariff is set to increase fourfold, from 25 percent to 100 percent—a move that the White House claims “will protect American manufacturers.” The announcement further reported that China’s EV exports grew 70 percent between 2022 and 2023. Other tariff increases, such as the jumps from 25 percent to 50 percent for semiconductors and solar cells, are also significant. Then there are batteries, which are getting a tariff raise from 7.5 percent to 25 percent. Medical products are also a part of this hike, with tariffs on needles and syringes increasing from zero percent to 50 percent. The Biden administration stresses that American companies need a real shot at competing against Chinese imports. “China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports,” the White House stated in a release. Biden’s decision builds on tariffs implemented by his predecessor and current election opponent, Donald Trump.This article originally appeared on Engadget at https://www.engadget.com/biden-administration-quadruples-import-tariff-for-chinese-evs-130047911.html?src=rss
The United States is taking additional measures to quash China’s influence on its economy. The White House has announced a tremendous increase in tariffs on $18 billion worth of Chinese imports, including semiconductors, steel, aluminum and EVs. The latter’s tariff is set to increase fourfold, from 25 percent to 100 percent—a move that the White House claims “will protect American manufacturers.” The announcement further reported that China’s EV exports grew 70 percent between 2022 and 2023.
Other tariff increases, such as the jumps from 25 percent to 50 percent for semiconductors and solar cells, are also significant. Then there are batteries, which are getting a tariff raise from 7.5 percent to 25 percent. Medical products are also a part of this hike, with tariffs on needles and syringes increasing from zero percent to 50 percent.
The Biden administration stresses that American companies need a real shot at competing against Chinese imports. “China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports,” the White House stated in a release. Biden’s decision builds on tariffs implemented by his predecessor and current election opponent, Donald Trump.This article originally appeared on Engadget at https://www.engadget.com/biden-administration-quadruples-import-tariff-for-chinese-evs-130047911.html?src=rss
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