According to Bloomberg, US President Joe Biden is preparing to raise tariffs on China’s clean energy products this week, including a quadrupling of tariffs on Chinese electric vehicles and significantly higher tariffs on other key industries.
It is reported that the US government plans to issue an announcement on May 14.
After nearly two years of review, Biden will raise or increase tariffs on key industries in China, including electric vehicles, batteries, solar cells, steel and aluminum.
According to sources, the total tariff on Chinese electric vehicles will be raised from 27.
5% to 102.
5%, and tariffs in other target industries will also be doubled or tripled, but the exact scope is not clear.
Biden and his government staff have been finalizing these measures in recent weeks, including which products should be attacked and which should be avoided, and the final decision is a consensus, according to one of the people familiar with the matter.
It is not clear which goods will not be affected, but Biden is not expected to announce tariff cuts, according to people familiar with the matter.
However, Mr Biden has signalled to the US solar industry that the new tariffs will exclude some products, including mechanical equipment used to make solar panel modules.
It is worth noting that Biden’s plan to raise tariffs on China’s target industries can be said to be largely symbolic because these industries in China do not rely on American consumers.
A few years ago, Chinese electric cars were shut out of the US market because of existing tariffs, while Chinese solar companies mostly exported to the US from overseas, avoiding similar restrictions.
Former US President Donald Trump is also actively preparing for the presidential election in November, and he has also shown a tough attitude towards China.
Trump said Biden should have imposed a 100% tariff on Chinese electric cars four years ago.
He warned that Chinese companies would try to produce cars in Mexico and then ship them to the US under the US-Mexico-Canada agreement to avoid tariffs.
As a result, he will impose a 200% tariff on Chinese-made cars in Mexico.
Trump even promised to impose a comprehensive tariff of 60% on all Chinese goods.
By contrast, Biden is far from taking such a move.
Biden’s plan is not a comprehensive upgrade, but support for the affected U. S. industry.
But Biden and Trump have reached a consensus on the threat that Chinese electric cars pose to the United States.
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