Data from The Wall Street Journal
U.S. President Joe Biden's administration plans next week to announce higher import tariffs on a range of Chinese products that run on clean energy, The Wall Street Journal reports.
We are talking about essential minerals, solar panels and batteries, as well as electric vehicles. It is expected that the import duty on electric vehicles could soar to a record 100%. An official announcement from the Biden administration is expected on May 14.
The 25% tariff, introduced under Donald Trump, according to the White House, no longer allows to restrain the flow of cheap products from China to the American market. Beijing's ambitious plans to ramp up production of electric vehicles and batteries also raise concerns.
In April, Biden already announced a threefold increase in duties on steel and aluminum from China. According to Reuters, other protectionist measures against Chinese exports will soon follow.
Earlier, the head of the European Commission, Ursula von der Leyen, stated that Brussels expects Beijing to voluntarily reduce the export of subsidized products. Otherwise, the EU will be forced to take tough economic measures.