President Biden to Enforce Sharp Increase in Tariffs on Electric Vehicles From China
President Joe Biden is expected to announce a dramatic increase in tariffs imposed on electric vehicles from China, reports ABC News.
The decision follows a mandatory, years-long review of tariffs established by the Trump administration on around $300 billion of imports.
Most of these tariffs will not only remain, but Biden will reportedly be raising tariffs on EVs from China from 25% to 100%. Semiconductors, solar, and batteries from China will also see their tariffs raised, though specific numbers on that haven’t yet been released.
Presidential election opponent Donald Trump has proposed tariffs of 60% or more on all Chinese imports. Some critics claim these Biden tariffs will negatively impact U.S. relations with China, raise prices, and fuel inflation.
“The interesting political point here is that Biden is meant to be the pro-climate president,” said Ian Bremmer, president and founder of Eurasia Group, a political risk research and consulting firm. “But we don't support reducing emissions when it comes at the expense of American labor. And we don't care if that means it's less competitive and the Americans are going to have access to more expensive, low quality electric vehicles. That's the message that they're sending.”
