Market analysis reports from credible financial or automotive industry sources

Biden to Hike Chinese EV Tariffs from 25% to 100%

May 12, 2024, 02:39 PM

The Biden administration is poised to significantly increase tariffs on Chinese electric vehicles (EVs), raising the current rate from 25% to approximately 100%. This move, influenced by the upcoming election and domestic political pressures, aims to counter China's growing dominance in the EV market and protect U.S. industries amidst persistent inflation. Concerns are also rising about the impact on U.S. consumer prices and potential retaliatory measures from China, as noted by Wedbush's Dan Ives. The U.S. already imposes a 27.5% tariff on these imports, and there is speculation about Europe's potential response to this tariff hike.