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Biden to Announce $18 Billion Tariff Hikes on Chinese EVs and More on Tuesday

May 14, 2024, 09:34 AM

President Joe Biden's administration is set to announce on Tuesday a significant increase in tariffs on a wide range of Chinese imports, including electric vehicles (EVs), batteries, solar cells, semiconductors, steel, aluminum, medical supplies, and critical minerals. The tariffs on Chinese EVs will rise from 25% to 100%, while tariffs on lithium-ion EV batteries will increase from 7.5% to 25%. Tariffs on solar cells will double from 25% to 50%, and tariffs on steel and aluminum will increase from 0–7.5% to 25%. The total impact of these tariff hikes is expected to affect approximately $18 billion worth of Chinese imports. The move is part of an effort to protect American industries and workers from what the administration describes as unfair trade practices by China.