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.
“For years, the Chinese government has poured state money into Chinese companies .... it’s not competition, it’s cheating,’' the Democratic president said Tuesday at the White House., in which they are vying to show who’s toughest on China. The Biden administration has insisted that its approach is more targeted and less inflationary than the across-the-board tariffs proposed by Trump.Under the White House action, tariffs on EVs from China will quadruple, from 25% to 100% this year.
U.S. automakers such as Ford and Tesla use lithium iron phosphate batteries made in China, said Sam Abuelsamid, principal mobility analyst for Guidehouse Insights. The tariffs could raise the cost of batteries and battery materials for EVs that likely would be passed on to the consumer as part of the vehicle cost.The price of solar panels also may rise because of the new tariffs. The tariff rate on solar cells will increase from 25% to 50% in 2024.
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