PHOTO: President Joe Biden speaks during a visit to General Motors' Factory ZERO all-electric vehicle assembly plant in Detroit, Nov. 17, 2021.is expected to quadruple tariffs on electric vehicles from China from roughly 25% to 100%, and raise other tariffs on key industries including semiconductors, solar, and batteries in an announcement Tuesday, according to a source familiar with the decision.
By implementing a steep increase on EV tariffs, the Biden administration aims to prevent a flood of cars made in China from hitting the U.S. market -- a market China has not been a significant player in up to this point.PHOTO: President Joe Biden speaks during a visit to General Motors' Factory ZERO all-electric vehicle assembly plant in Detroit, Nov. 17, 2021.
Ian Bremmer, the president and founder of Eurasia Group, a political risk research and consulting firm, said the higher tariffs on EVs could complicate Biden's climate agenda."The interesting political point here is that Biden is meant to be the pro-climate president," Bremmer said. "But we don't support reducing emissions when it comes at the expense of American labor.
"Frankly, I think if there are not trade barriers established, they will pretty much demolish most other car companies in the world," Musk added.During her visit to China last month, Treasury Secretary Janet Yellen warned about growing investments in "new" industries targeted by the PRC's industrial policy," including electric vehicles, lithium-ion batteries and solar.
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