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✓ Published: 15-May-2024
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✓ Published: 15-May-2024
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President Biden announced new tariffs on Tuesday that will increase the tariff on Chinese electric vehicles to 100% from the current 25%. Tariffs on solar cells from China will double to 50% and tariffs on certain steel and aluminum products will more than triple to 25%. Tariffs on Chinese semiconductors will increase from 25% to 50%. The new tariffs protect U.S. businesses and workers from cheap Chinese imports that negatively impact American companies. The administration says the tariffs result from a review finding that China continues unfair trade practices. There are also some national security concerns about internet-connected vehicles and devices from China being used for hacking or spying.
President Biden announced new tariffs on Tuesday that will increase the tariff on Chinese electric vehicles to 100% from the current 25%. Tariffs on solar cells from China will double to 50% and tariffs on certain steel and aluminum products will more than triple to 25%. Tariffs on Chinese semiconductors will increase from 25% to 50%. The new tariffs protect U.S. businesses and workers from cheap Chinese imports that negatively impact American companies. The administration says the tariffs result from a review finding that China continues unfair trade practices. There are also some national security concerns about internet-connected vehicles and devices from China being used for hacking or spying.
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