The US will raise tariffs on imports of Chinese electric vehicles

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