Tuesday, February 20, 2024

US puts Chinese electric cars in tariff war row

Date:

The Wall Street Journal, citing informed sources, reported that US President Joe Biden’s administration is considering increasing tariffs on some Chinese goods, including electric vehicles.

Beijing’s automobile exports have grown in recent years, driven by surplus production and sluggish domestic demand in the world’s largest automobile market, and are expected to rise 25% to 5.3 million units next year, according to the China Merchants International Bank.

The newspaper’s report comes after a group of Republican and Democratic members of the U.S. House of Representatives last month asked the U.S. administration to increase tariffs on Chinese-made cars and explore ways to prevent Chinese companies from exporting their products. Mexico to the United States.

Chinese cars now face a 25% tariff imposed during former President Donald Trump’s administration and extended under Biden.

The newspaper added that the U.S. government is debating tariffs on $300 billion worth of Chinese goods under the Trump administration and is considering a lengthy review of tariffs early next year.

In addition to a possible increase in clean energy products, the newspaper explained that the Biden administration is also considering reducing tariffs on some Chinese consumer goods that officials believe are not strategically important.

Foreign automakers like Tesla use China as a major export hub.

Lawmakers have previously said U.S. auto companies export Chinese-made cars to the U.S., meaning current tariffs on imports aren’t enough.

See also  Erdogan reveals date of Putin's visit to Turkey and confirms need to extend grain deal | news
Rolf Colon
Rolf Colon
"Creator. Award-winning problem solver. Music evangelist. Incurable introvert."

Share post:

Popular

More like this
Related

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...

A Decade of Expertise in Company Formation and Financial Solutions

The United Arab Emirates (UAE) has emerged as a...

Dubai’s Latest Fitness Craze: Workouts with a Skyline View

Dubai, known for its stunning architecture and luxurious lifestyle,...

Balloon Bouquets in Dubai

Balloon bouquets, a delightful twist on traditional floral arrangements,...