US hikes tariffs on Chinese EVs
US President Joe Biden has announced tariffs on Chinese-made electric vehicles (EVs) will jump from 25 per cent to 100 per cent this year.
Levies on a number of other items are also increasing between 2024 and 2026 as the White House seeks to protect US manufacturers from cheap imports.
The changes include tariffs rising from 7.5% to 25% on lithium batteries, from zero to 25% on critical minerals, from 25% to 50% on solar cells, and from 25% to 50% on semiconductors.
Biden, pictured, has previously said the US needs to stand up to China’s “unfair economic practices and industrial overcapacity”, reports the Guardian.
He explains the new levies are in response to China’s overcapacity in the EV sector, with reports China is producing 30 million such vehicles a year but will only sell 22m to 23m of those domestically.
China opposes the tariff hikes and says it will take measures to defend its interests.
Its state mouthpiece news outlet says the US is “undermining fair trade and environmental protection” and warns consumers will bear the brunt of the higher levies.
