Biden Set to Hit China EVs, Strategic Sectors With Tariffs
- US set to target electric cars, reject across-the-board hikes
- Action comes after multiyear review of Trump-era duties
WATCH: The White House is said to be poised to unveil new China tariffs expected to target key strategic sectors.
Source: BloombergThis article is for subscribers only.
President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors with new levies while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said.
The tariff rate on electric vehicles is expected to quadruple from roughly 25% to 100%, the Wall Street Journal reported Friday, citing people familiar with the plans. An additional 2.5% duty would apply to all automobiles imported into the US, the paper reported.