President Joe Biden is taking aim at China’s EV industry.
Citing people familiar with the matter, Bloomberg reported that the US government is set to impose new tariffs on a range of Chinese industries, including EVs.
Reuters reported that specific details about the value or categories of tariffs were limited, but the administration seemed to be focusing on strategic competitive and national security areas.
EVs appear under the most scrutiny, but batteries and solar cells could also be targeted under the plan. All could face higher taxes, although they reportedly won’t be the broad hikes that Donald Trump has pledged if he’s elected.
The decision could come as early as next week, although Bloomberg reported it could be delayed. It would mark the latest salvo in the government’s attempt to protect the stuttering US EV industry from a wave of cheap Chinese exports.
Chinese EV producers such as BYD have so far largely avoided the US market due to pre-existing trade barriers, such as a 25% tariff on Chinese auto imports previously touted by President Donald Trump.
Read more here from Business Insider.
