President Joe Biden is planning to announce new taxes on Chinese electric vehicles (EVs), semiconductors, batteries, solar cells, steel, and aluminium on Tuesday. The tariffs on electric vehicles (EVs) will increase to 100%, which is four times higher than the current tariff of 25%, as reported by a source who is knowledgeable about the tariffs.
The Biden administration is making a new effort to prevent China from harming U.S. companies and manufacturing jobs. Jake Sullivan, the national security adviser, suggested that the tariffs were meant to counter the threat posed by China’s business practices. However, he did not provide specific details about the policy change.
“The president and his administration have been worried about unfair practices by China that hurt American workers and businesses. They are concerned about issues like overcapacity and the non-market practices that China has used in strategic sectors,” Sullivan said during a press conference at the White House on Monday.
- IRS Grants Extra Time for 2024 Taxes to Kentucky’s April Storm Survivors
- Fed’s June Meeting: Rate Cuts Not in the Cards: What’s Next?
- Deadline Alert: Michigan Schools Must Act Fast with Federal Stimulus Funds
- How to Access VA Dependent Education Benefits with a 100% Disability Rating
- Big News for SSDI: Social Security Might Add $600 to Payments
The EV tariff is mostly symbolic at the moment. Chinese electric vehicles (EVs) are not very popular in the United States. However, China’s overall exports have been growing quickly, increasing by 50% in the last two years. China is making electric cars that are much cheaper than the ones made by American car companies, and people really like them.
Also Read: Four People, Including an Assistant Principal, Have Been Detained in a Cold Case Triple Murder
BYD, the biggest electric vehicle (EV) maker in the world, has introduced a new car called the Seagull. According to the Associated Press, the Seagull performs well and is built with excellent craftsmanship that is comparable to American-made EVs that are three times more expensive. In China, this product is sold for approximately $12,000. There is also a version with a shorter range available for less than $10,000.
The recent increase in tariffs on Chinese electric vehicles (EVs) could help relieve some of the burden on automakers and the United Auto Workers. The United Auto Workers endorsed Mr. Biden’s reelection campaign in January, which was considerably later than their endorsement in 2020. One of the main issues was that the president wanted to shift the economy towards electric vehicles (EVs), which made the union worried that it would negatively impact workers. Mr. Biden accepted the endorsement and made a promise to support U.S. auto workers.
“China wants to control that market, with most electric vehicles being made in China and creating jobs for Chinese people,” he said. “The previous administration was okay with not doing anything and allowing China to take all these jobs, but I will not allow that to happen.”
He said that companies should update their technology and hire workers in the same factories and communities with similar wages. Existing union workers should be given priority for these jobs.
Leave a Reply