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Electric Shock: US Slaps Higher Tariffs on Chinese EVs in Latest Trade Move, Effective This Month - News Directory 3

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

September 13, 2024 Catherine Williams News
News Context
At a glance
  • 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...
  • 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...
  • The tariff hike will significantly impact Chinese electric vehicles, with tariffs rising from 27.5% to 102.5%.
Original source: imnews.imbc.com

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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