President Joe Biden Imposed Full Tariffs On Chinese-Made EVs And 18bn Chinese Goods

President Joe Biden Imposed Full Tariffs On Chinese-Made EVs And 18bn Chinese Goods

Joe Biden Imposed Full Tariffs On Chinese-Made EVs And 18bn Chinese Goods: The US President imposed full tariffs on Chinese-made EVs to protect the US auto industry from cheap quality EV cars.

According to the White House, taxes were also imposed on lithium batteries, solar cells, steel, semiconductors, aluminum, etc.

Tariffs on EVs will go up from 25% to 100%. Tariffs on lithium batteries will go up from 7.5% to 25%, on key minerals from 0% to 25%, on solar cells from 25% to 50%, and on semiconductors from 25% to 50%.

From now on, tariffs on steel, aluminum, and safety gear for people will go up to 25% from 0% to 7.5%.

The increase in Tariffs has made it hard for Chinese companies to sell goods in the United States, thus losing a huge source of income.

Based on China's overcapacity in the EV sector, Biden said increasing the tariffs was the right choice.

According to the reports, China is making more electric vehicles (EVs) than people want and is overcapacity by nearly 10 million EVs than people need.

A similar idea was also imposed by Donald Trump in March, who said if he elected president in November then he would impose 60 percent tariffs on Chinese goods.

However, some lobbying groups say there is a threat in the future because Beijing wants to use exports to make up for its weak economy.

Since he became president in 2021, Biden has hard measures on trade. He thinks that this is the safer way to deal with the threat that China poses.

In a press conference, Biden said he was “not looking for a fight with China but that the US needed to stand up to China’s unfair economic practices and industrial overcapacity”. “I’m looking for competition, but fair competition.”

The new tariffs will come into effect after 90 days of the announcement on Tuesday.