US President Joe Biden has announced a 100% tariff on Chinese-made electric vehicles (EVs) as part of measures to protect US manufacturers from cheap imports. The tariff increase also applies to EV components such as lithium batteries, critical minerals, solar cells, semiconductors, steel, aluminium, and personal protective equipment.
The move aims to create a level playing field for US automakers and workers and reflects Biden's tough-on-China stance. The increased tariffs will impact various sectors including clean energy technologies and critical minerals, and are expected to address unfair trade practices and trade tensions between the US and China.
Additionally, the tariffs are likely to restrain Chinese EV manufacturers from pushing their sales in the US and hinder their global expansion plans.
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