U.S. raises tariffs significantly on EVs, other goods from China

News Snapshot:

The U.S. plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment — an election-year move that's likely to increase friction between the world's two largest economies. The tariffs are unlikely to have much of an inflationary impact because of how they're structured. Administration officials said they think the tariffs won't escalate tensions with China, yet they expect that China will explore ways to respond to the new taxes on their products. But the tariffs could contribute to a wider trade dispute, potentially leading to higher prices for consumers. The tariffs are...