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IPFS News Link • Tariffs

Biden Administration Quadruples Tariffs On Chinese EVs

• Zero Hedge

Authored by Terri Wu via The Epoch Times,

The Biden administration announced on Tuesday that it will impose a 100 percent tariff—quadrupling the current 25 percent—on electric vehicles imported from China in 2024. In addition to EVs, the White House has significantly increased tariffs on Chinese steel and aluminum products, lithium-ion batteries, and solar cells.

"China's using the same playbook it has before to power its own growth at the expense of others by continuing to invest despite excess Chinese capacity and flooding global markets with exports that are underpriced due to unfair practices," Lael Brainard, director of the National Economic Council, told reporters at a call ahead of the announcement.

"China's simply too big to play by its own rules."

She added that the tariff increases are consistent with President Joe Biden's China policy of "responsibly managing competition with China." "We are working with our partners around the world to address our shared concerns about China's unfair practices," Ms. Brainard said.