The White House said it was placing more stringent curbs on Chinese goods worth $18bn, according to The Guardian.
14 May 2024 | 2513 Views | By Autocar Professional Bureau
Joe Biden has announced a 100% tariff on China-made EVs in a series of measures designed to shield American manufacturers from cheap imports, The Guardian reported.
The White House said it was placing more stringent curbs on Chinese goods worth $18bn, according to The Guardian.
Persons ...
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Joe Biden has announced a 100% tariff on China-made EVs in a series of measures designed to shield American manufacturers from cheap imports, The Guardian reported.
The White House said it was placing more stringent curbs on Chinese goods worth $18bn, according to The Guardian.
Persons in the know informed the publication that this measure aimed to protect the American green technology sector followed a four-year review.
It also includes a tariff increase from 25% to 100% on electric vehicles, besides a 25% levy on lithium batteries, from the current 7.5%. Besides this, there is a 25% levy on critical minerals and a 50% increase in the levy on solar cells and semiconductors. Tariffs on steel, aluminium and personal protective equipment – which range from zero to 7.5% – will rise to 25%.
Biden noted that the increased levies were a proportionate response to China’s overcapacity in the EV sector.
The new tariffs will come into effect 90 days from today. White House sources said the aim was not to escalate trade tensions but to help parts of the US economy where there had been a cycle of disinvestment.