US to raise tariffs on Chinese EVs

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To,Raise,Tariffs

WASHINGTON, D.C. – The United States is planning to increase tariffs on Chinese clean energy goods, news reports said on Friday, with levies on electric vehicles expected to roughly quadruple.

The move, reported by the Wall Street Journal, comes at the end of a long-awaited review of tariffs that were imposed during a trade war between Washington and Beijing.Then-president Donald Trump imposed tariffs on some $300 billion in goods from China.Officials have since initiated a review of the actions, with the US Trade Representative required to look into the impact of the levies — first introduced in 2018 — after four years.

This is unlikely to deal an immediate blow to Chinese EV companies, which do not have a large presence in the United States due to existing levies.But officials appear to be guarding against Chinese imports.Treasury Secretary Janet Yellen recently warned against overcapacity in China, which risks a flood of below-cost goods in the global market, potentially impacting burgeoning US industries.

 

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