Biden to Raise Tariffs on Chinese EVs to 102.5%, Unveil Changes at White House Event

May 13, 2024, 09:10 AM

The Biden administration is set to announce a significant increase in tariffs on Chinese electric vehicles (EVs), raising the current rate from 27.5% to 102.5%. This move is part of a broader strategy to protect American industries ahead of the U.S. election. The announcement, expected on Tuesday, will also include changes to tariffs on other Chinese goods, potentially doubling, tripling, or even quadrupling them. Additionally, the administration plans to offer exemptions for solar manufacturing equipment from these tariffs. This decision comes amidst concerns about the competitiveness of Chinese EVs, which are priced significantly lower than American alternatives. The new tariffs and policy changes will be unveiled at a White House event on Tuesday.