According to the latest information, US President Joe Biden is expected to confirm the new tariffs on Chinese imports, including a hike in levies on electric vehicles (EVs), as reported by Reuters. The increase in tariffs is likely to be announced as early as next week.
100 percent tariff on Chinese EV imports
A new tariff plan is set to be on semiconductors and solar equipment, along with raising tariffs on electric vehicles. Chinese-made medical supplies such as syringes and personal protective equipment will also attract additional tariffs. The revisions to the "Section 301 tariffs" by the Biden administration are focused on sectors deemed strategic, competitive, and essential to national security.
This move follows persistent calls from lawmakers for increases in tariffs on Chinese vehicle imports. Under the new Biden plan, tariffs on Chinese EVs are expected to roughly quadruple, reported the Wall Street Journal (WSJ), citing sources.
Officials are specifically targeting electric vehicles, and they plan to increase the tariff rate from 25% to around 100%, according to sources mentioned in the WSJ report. Additionally, there is an extra 2.5% duty applied to all automobiles imported into the U.S. Senate Banking Committee Chairman Sherrod Brown has urged the Biden administration to outright ban Chinese EVs due to concerns over potential risks to Americans' personal data.
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