USA escalates tariffs on Chinese electric cars to 100 percentTue 14th May, 2024President Joe Biden has announced a significant increase in tariffs on Chinese electric cars entering the USA, now set at a staggering 100 percent. Previously, Chinese electric cars faced a 25 percent tariff in the United States, effectively keeping them out of the market, unlike in Europe. She emphasized a 70 percent increase in Chinese electric car exports in 2023, posing a threat to investments in other countries. Reacting to the US tariff increases, Chancellor Olaf Scholz (SPD) expressed reservations about EU punitive tariffs on Chinese electric cars. Batteries and electronic components: Tariffs on lithium-ion batteries for electric cars and certain electronic components will also see substantial increases.

Source: The Munich Eye May 14, 2024 14:17 UTC