Biden raises tariffs on $18B of Chinese imports: EVs, solar panels, batteries and more

Biden raises tariffs on $18B of Chinese imports: EVs, solar panels, batteries and more The Biden administration has announced stiff new tariff rates on $18 billion worth of Chinese imports
Other countries
May 14, 2024 15:23
Biden raises tariffs on $18B of Chinese imports: EVs, solar panels, batteries and more

The Biden administration has announced stiff new tariff rates on $18 billion worth of Chinese imports, Report informs referring to CNBC.

The White House said the tariff hikes were necessary to protect American industries from unfair competition.

Starting this year, President Joe Biden will quadruple tariffs on imported Chinese electric vehicles, from 25% to 100%. The import tax on Chinese solar cells will double, from 25% to 50%. And tariffs on some Chinese steel and aluminum imports will increase more than three-fold, from 7.5% today up to 25%.

The president also directed US Trade Representative Katherine Tai to more than triple the tariff rates on lithium-ion batteries for EVs and lithium batteries meant for other uses. Starting in 2025, tariffs on imported Chinese semiconductors will jump from 25% to 50%.

First-time tariffs will be imposed on Chinese imports of medical needles and syringes, as well as massive ship-to-shore cranes, the White House said in a fact sheet. Chinese rubber medical gloves and some respirators and face masks will also be hit with higher tariff rates.

Some items, like batteries and natural graphite, will have longer phase-in periods for tariffs. The White House said this is partly to give the US manufacturing sector time to scale up to a point where enough batteries are being produced domestically to meet consumer demand.

Orphus sistemi