Biden to Quadruple Tariffs on Chinese EVs This Week, Defending American Jobs

May 13, 2024, 06:14 AM

US President Joe Biden is set to announce significant tariff increases on Chinese imports this week, with a particular focus on electric vehicles (EVs). According to Reuters and the Wall Street Journal, the new tariffs will see levies on some Chinese goods, including EVs, potentially quadrupling, as part of a broader strategy to defend American workers. BloombergTV reported that the announcement is expected to take place at a White House event. This move is likely to exacerbate tensions in the ongoing trade war between the US and China, with potential repercussions for major Chinese companies like battery giant CATL, which saw its stock drop by 4% following the news.