The Biden administration is concerned about China’s advances in the green industrial sector, including solar panel manufacturing.
The US plans to raise tariffs on imports of Chinese electric vehicles from 25% to 100% as part of protecting the American industry. The Financial Times wrote this on Friday, May 10, citing its own sources.
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“The sharp increase in fees comes amid growing concern that China could flood the US market with cheap electric cars, threatening the American auto industry,” the newspaper wrote.
As the FT explained, the decision to increase tariffs on electric vehicles was made because the Biden administration was concerned about China’s progress in the green industrial sector, especially in the production of solar panels.
“The Biden administration is trying to get ahead of the curve and make sure the US auto industry doesn’t suffer the same fate as the US solar industry, which was effectively destroyed by Chinese imports,” explained Wendy Cutler, a former officer and vice. president of the Asia Society Policy Institute.
He said quadrupling the tariff rate would deter US automakers from trading Chinese cars before they gain a foothold in the US market.
Geely made an electric car for $6,800
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.