Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminum

  • Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminum

    Posted by metta on May 15, 2024 at 11:30 am

    Biden hikes tariffs on Chinese EVs, solar cells, steel, aluminum

    Under the findings of a four-year review on trade with China, the tax rate on imported Chinese EVs will rise to 102.5% this year, up from total levels of 27.5%. The review was undertaken under Section 301 of the Trade Act of 1974, which allows the government to retaliate against trade practices deemed unfair or in violation of global standards.

    Under the 301 guidelines, the tariff rate is to double to 50% on solar cell imports this year. Tariffs on certain Chinese steel and aluminum products will climb to 25% this year. Computer chip tariffs will double to 50% by 2025.

    For lithium-ion EV batteries, tariffs will rise from 7.5% to 25% this year. But for non-EV batteries of the same type, the tariff increase will be implemented in 2026. There are also higher tariffs on ship-to-shore cranes, critical minerals and medical products.

    The new tariffs, at least initially, are largely symbolic since they will apply to only about $18 billion in imports. A new analysis by Oxford Economics estimates the tariffs will have a barely noticeable impact on inflation by pushing up inflation by just 0.01%.”

    https://apnews.com/article/biden-china-tariffs-electric-vehicles-evs-solar-2024ba735c47e04a50898a88425c5e2c

    Strayan replied 1 week, 4 days ago 2 Members · 2 Replies
  • 2 Replies
  • Strayan

    Member
    May 16, 2024 at 3:38 pm
  • Strayan

    Member
    May 17, 2024 at 2:01 pm

    Don’t be fooled.

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