Biden Announces Tariffs on Chinese EVs, Solar Panels
The Facts
US Pres. Joe Biden's administration announced a quadrupling of tariffs on Chinese electric vehicle (EV) imports this year, bringing it from 25% to 100%. Tariffs for lithium batteries for EVs will also jump from 7.5% to 25%, with all lithium batteries set to be included by 2026.
The US announced a quadrupling of tariffs on Chinese electric vehicle (EV) imports this year, bringing it from 25% to 100%. Tariffs for lithium batteries for EVs will also jump from 7.5% to 25%, with all lithium batteries set to be included by 2026.
The Spin
Instead of agreeing to the US offer of fair trade practices for both countries, China has continued to disregard global trade norms and steal US technology through cyber theft. The White House cannot stand by and watch as a foreign government overtly steals its citizens' inventions and profits. China clearly enjoys taking part in the US economy, but it can't be allowed to continue if it chooses robbery over fair trade.
These tariffs will not hurt Chinese EV or solar panel exports to the US, given that its EVs in the US represent less than 0.1% of its exports and US policies have already limited its solar exports. This also won't help the US, as the American economy gave up on manufacturing a long time ago. Washington is simply posturing during an election year, with no substantive economic results on the horizon.
