Chinese Premier Li Qiang has warned against a “vicious cycle” of economic decoupling from the West, as Beijing struggles to contain rising global pushback over soaring electric vehicle exports. Speaking to international executives at the “Summer Davos” forum in the northeastern city of Dalian on Tuesday, Li also defended his country against accusations that Chinese overcapacity in key green industries has led to dumping of products such as EVs and solar panels on global markets.
Last month, the Biden administration quadrupled tariffs on EV imports from China, from 25% to 100%, aiming to protect American jobs and manufacturing. Chinese EV sales to the United States are tiny. However, the challenges facing China’s EV makers grew when a much larger market followed suit weeks later.