Biden administration quadruples import tariff for Chinese EVs

News Snapshot:

It comes as part of tariff increases on $18 billion worth of imports from China. The United States is taking additional measures to quash China’s influence on its economy. The White House has announced a tremendous increase in tariffs on $18 billion worth of Chinese imports, including semiconductors, steel, aluminum and EVs. The latter’s tariff is set to increase fourfold, from 25 percent to 100 percent—a move that the White House claims “will protect American manufacturers.” The announcement further reported that China’s EV exports grew 70 percent between 2022 and 2023. Other tariff increases, such as the jumps from 25...