Electric vehicles, batteries, and chips: Biden raises tariffs on Chinese imports

US President Joe Biden has signed a decree to increase tariff rates on imports of Chinese goods, including semiconductors, batteries, solar panels, and electric vehicles.  This was reported by UNN with reference to the White House. 

Details

The US has raised duties on port cranes and medical devices in addition to previously announced increases on steel and aluminum. According to the White House, these changes will affect current annual imports of about $18 billion.

In addition, additional tariffs could lead to higher prices for consumers already suffering from inflation and raise the ire of China, which may decide to retaliate in kind

Thus, by 2025 , the tariff rate on semiconductors will double from 25% to 50%. 

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Also this year, the tariff for electric vehicles will come into effect, with the final rate reaching 102.5%, up from 27.5% now.

Tariffs on lithium-ion batteries for electric vehicles, as well as parts for them, will increase to 25% from 7.5% this year, while the same jump will occur in 2026 for lithium-ion batteries not related to electric vehicles. 

In addition, the tax on imports of Chinese solar panels will double from 25% to 50%. And tariffs on imports of certain types of Chinese steel and aluminum will more than triple - from 7.5% today to 25%.

In addition, for the first time, the US is imposing tariffs on Chinese imports of medical needles and syringes, Chinese rubber medical gloves, some respirators and face masks will also be subject to higher tariffs.

Recall

The U.S. Department of Commerce is considering introducing new rules to make it more difficult for Chinese companies to access advanced artificial intelligence technologies from the United States.