China is aiming to become a global automotive powerhouse, particularly when it comes to electric vehicles. Here, cars wait to be loaded onto a ship at a port in Nanjing.China is aiming to become a global automotive powerhouse, particularly when it comes to electric vehicles. Here, cars wait to be loaded onto a ship at a port in Nanjing.
There's bipartisan concern that if those cars were sold in the U.S. at such cheap prices —"unfairly underpriced," as White House economist Lael Brainard put it — they would undercut U.S.-made vehicles and result in catastrophic job losses at American factories.Increasing the price of electric vehicles seems to contradict another Biden priority: Cutting carbon emissions. A widespread transition from gasoline vehicles to battery-powered cars is central to Biden's climate goals.
Some climate groups argue that long-term, it's better to support — and regulate — U.S. companies as they go green, rather than import Chinese clean-energy products now. And there's a political case that embracing Chinese EVs, if it does cost jobs, could trigger a backlash that would reduce support for climate action., denouncing trade barriers as obstacles to prosperity and government support for specific industries as"picking winners and losers.
In some respects, Trump's policy toward China is now Biden's policy toward China. But there are differences, as the two presidential candidates themselves point out.Trump, speaking to reporters outside of his criminal trial in New York, responded to the tariff hikes on Tuesday by saying Biden needs to go even further."They've also got to do it on other vehicles and they have to do it on a lot of other products," Trump said.
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