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Biden Admin to Impose 100% Tariffs on Chinese EVs, Other Goods

May 11, 2024, 04:00 AM

The Biden administration is set to significantly increase tariffs on electric vehicles (EVs) imported from China, raising the rate from the current 25% to 100%. This move is part of a broader strategy to address the surge in Chinese exports, which also targets other strategic goods such as semiconductors, solar equipment, and medical supplies. Dan Ives from Wedbush anticipates retaliatory measures from Beijing in response. The increase in tariffs is seen as a response to domestic political pressures and the upcoming election, with some analysts skeptical about its practical impact on import volumes given the existing 27.5% tariff rate on Chinese EVs.