It was a move designed to appeal to blue-collar voters in America's electoral swing states — but one that will have ramifications far beyond the US, raising fears of deepening trade tensions between the world's two economic superpowers.The US president is not only keeping the tariffs on $300bn worth of Chinese goods that his predecessor Donald Trump imposed as part of his trade war against Beijing in 2018 but adding more, targeting strategic industries.
Meanwhile, the Inflation Reduction Act's vast subsidies and tax credits are only available to developers that source their batteries and critical minerals from the US or trade partners — excluding China.However, David Oxley, chief climate and commodities economist at Capital Economics, said that the tariff increase on lithium-ion batteries for EVs from 7.5 per cent to 25 per cent 'could prove... meaningful' for a sector already struggling to keep down manufacturing costs.The 17.
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