Joe Biden is expected to unveil new tariffs on Chinese EVs. Here's what that could mean for the sector.
Business InsiderMAY 2024
Besides the clear economic threat posed by China's unfair EV industry, this proposal seeks to prevent serious physical threats, too. As these electric vehicle technologies are linked directly to the Chinese government, that would give Beijing the power to spy on American drivers and infrastructure, not to mention sabotage these vehicles from abroad. If the White House doesn't step in, China can do whatever it wants to America and its people.
This proposal is fearmongering at its finest. What Washington really wants is to prevent China from becoming an instant success in the EV market, similarly to the 'made-in-China' boom of the early 2000s. Instead of working with Beijing, whose EV and solar technologies have led the world in decarbonization, a handful of US politicians have chosen to risk destroying that climate progress and hurt its own car companies for political points.
There is a 19% chance that the US eliminates or delays the critical mineral and battery component requirement for electric vehicle tax credit eligibility before January 1, 2027, according to the Metaculus prediction community.