In particular, import duties on Chinese electric vehicles will increase fourfold – from the current 25% to 100%.
The United States plans to sharply increase tariffs next week on electric vehicles, semiconductors, medical supplies, as well as solar panels and other green energy equipment imported from China. The AP reported this on Saturday, May 11, citing its own sources in the US administration.
New tariffs may be announced on Tuesday, May 14. At the same time, for example, import duties on Chinese electric cars will increase four times – from the current 25% to 100%, that is, they will double the cost of a Chinese electric car in the US market.
This move by the American government is related to the problem of China’s “overcapacity” in the production of electric vehicles and other products that could pose a threat to US jobs and national security.
Advanced industrial nations, including the United States and its European allies, fear that a wave of cheap Chinese exports in these product groups will overwhelm their markets and cause huge damage to local producers.
The increased tariffs also serve a political purpose ahead of the US presidential election in November. Both President Joe Biden and his likely rival Donald Trump have been promising voters that they will be tough on China, the world’s second-largest economy after the United States and its geopolitical rival.
Let’s remember that at the end of last year, China lost the first place in the import of goods to the United States for the first time in 20 years.
The EU may impose a 20% tariff on electric vehicles from China
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.