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Electric Shock: US Slaps Higher Tariffs on Chinese EVs in Latest Trade Move, Effective This Month

Electric Shock: US Slaps Higher Tariffs on Chinese EVs in Latest Trade Move, Effective This Month

September 13, 2024 Catherine Williams - Chief Editor News

Photo ⁣courtesy of Yonhap News

US to Impose Tariff Hikes on Chinese Electric Vehicles and Other Imports

The ‌US government plans to implement a series of tariff⁢ increases on Chinese imports, including electric vehicles, ‌starting later this month, according to a report by Reuters on September 13.

The⁢ Office of the United States Trade Representative (USTR) announced that the ⁤increased tariffs on‌ Chinese electric vehicles, solar cells, steel, aluminum, electric vehicle batteries, and⁢ key minerals will take effect on September 27.

The tariff hike will significantly impact Chinese electric vehicles, with tariffs rising from 27.5% to 102.5%. Additionally, tariffs ‌on solar cells will increase to 50%, while tariffs on steel, aluminum, and electric vehicle batteries will⁢ rise to ⁣25%.

Lithium-ion batteries, minerals, and⁤ parts will also ‍be subject to ​a 25% tariff rate starting on September ​27. However, the application date for the increased tariff rates for some items⁤ has been set for after next year.

Semiconductors, including polysilicon and silicon wafers, will face a 50% tariff starting next year. Other equipment, including ​laptops and mobile phones, ‍will be⁤ subject to increased tariff rates from ​January 2026.

The Biden administration previously announced in May that it would raise tariffs on⁢ Chinese imports,‌ including ‍steel, semiconductors, and electric vehicles, in response to China’s overcapacity and unfair trade practices.

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