Biden to announce new 100% tariffs on Chinese EVs
CBSN
President Joe Biden is expected to announce new tariffs Tuesday on Chinese EVs, semiconductors, batteries, solar cells, steel and aluminum. The tariffs on EVs will rise to 100%, quadrupling the current tariff of 25%, according to a source familiar with the tariffs.
This is the latest bid by the Biden administration to keep China from undercutting U.S. companies and threatening U.S. manufacturing jobs.
As far as the EV tariff goes, the move is largely symbolic, for now. Chinese EVs are not a big part of the EV market in the U.S., but China's exports overall have been rapidly increasing, up 50% over the past two years. China is producing EV cars that cost a fraction of those made by American automakers, and they're receiving glowing reviews.
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