President Joe Biden speaks in the Rose Garden of the White House in Washington, Tuesday, May 14, 2024, announcing plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China. . They could raise prices on certain specific items, experts say, though a broad inflationary impact is unlikely in the short term.
There are currently very few EVs from China in the U.S., but the Biden administration and U.S. automakers worry that low-priced, heavily subsidized EVs could soon flood the U.S. market. China’s global exports of EVs grew by 70% from 2022 to 2023. Tesla uses battery cells from China’s Contemporary Amperex Technologies Ltd., or CATL, in versions of its Model 3 car. Ford uses CATL products in some versions of the F-150 Lightning electric pickup and the Mustang Mach E electric SUV.
The White House said China has used unfair practices to dominate upwards of 80% to 90% of the global solar supply chain. Chinese policies are flooding global markets with artificially cheap solar modules and panels, undermining investment in solar manufacturing outside of China, the White House said.
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