The White House is set to announce new tariffs on China next week, targeting electric vehicles and other clean energy goods. The announcement is expected on Tuesday and will focus on solar goods, critical minerals, batteries, and semiconductors from China. Chinese electric vehicles currently face a 25% tariff, which is expected to increase to as much as 100%. The Biden administration has invested in these industries domestically.
Lawmakers have called for hikes on Chinese vehicle tariffs, with some suggesting a ban on Chinese electric vehicles due to privacy concerns. The administration is considering adjusting Trump-era tariffs, with some advisers pushing for higher levies while others argue for lower duties on consumer goods. Treasury Secretary Janet Yellen is expected to push for higher tariffs at the G7 Finance Ministers meeting in Italy.
Former President Donald Trump’s tariffs on Chinese imports remain in place, with Trump threatening a 60% tariff on all Chinese imports if re-elected. The new tariffs are aimed at safeguarding manufacturing in the U.S. and appealing to voters in manufacturing-heavy swing states. The trade moves are straining U.S.-China relations, with China vowing to defend its rights and interests against the planned tariffs.
Overall, the upcoming tariffs are part of a broader effort to strengthen domestic industries and address trade imbalances with China.
