US is considering higher tariffs on Chinese goods 12/21/23

The US is considering higher tariffs on some Chinese goods, including electric cars.

The aim is to become more independent from Chinese supply chains for clean energy and protect the company’s own business from cheaper Chinese competition, the Wall Street Journal reported, citing unnamed people. Officials in US President Joe Biden’s administration have largely waived Trump-era tariffs on $300 billion worth of goods. The increase is now being discussed. The review is scheduled to be completed early in the new year.

Chinese electric vehicles are currently subject to a 25 percent tariff, limiting the number of cars exported to the United States. Manufacturer BYD, for example, which is set to overtake US maker Tesla as the world’s largest electric car maker, does not sell its cars in the US. Potentially higher tariffs are aimed at Chinese solar products and batteries for electric vehicles. While the US primarily sources solar products from Southeast Asia, China is a large supplier of batteries for electric cars.

/nas/stw/mis

New York (dpa-AFX)