President Joe Biden made it official on May 14, 2024 when the administration announced it would be implementing a new round of tariffs targeting Chinese goods, including electric vehicles. The tariffs affect $18 billion worth of Chinese goods.
China has responded through its foreign ministry spokesperson Wang Wenbin, who said China “opposes unilateral impositions of tariff,” and that his country “will take all necessary actions to protect its legitimate rights.”
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Excerpt from www.news18.com
There will be a new 100% tariff on Chinese electric vehicles implemented this year. A four-fold increase from the current rate of 25%, as well as a doubling of the 25% levy imposed on solar cells.
Tariffs on lithium batteries for electric vehicles are also set to increase from 7.5% to 25% this year, with the levy hike broadening to cover all lithium batteries by 2026….
The White House said some $18 billion worth of Chinese goods will be affected.
… China has vowed to defend its interests in the face of huge new US tariffs, and warned that the trade barrier would affect the relations between the two powerful economics….
China’s foreign ministry spokesperson Wang Wenbin said the country “opposes the unilateral imposition of tariffs”, which violate the World Trade Organization rules, and will take all necessary actions to protect its legitimate rights.”
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Paul Collier
Paul Collier is the editor of The Freedomist newsite, our Weekday Reports, and our Monthly Publication, Freedomist Intelligence Advisor (previously McAlvany Intelligence Advisor). He has been involved in news publishing since 2003.
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