U.S. Set to Increase Tariffs on Chinese Chips, Batteries, & EVs
Reuters is reporting that the United States is set to increase its tariffs on Chinese chips, batteries, and electric vehicles starting August 1st, 2024. The U.S. has heavily invested in the green energy economy and maintains its supremacy alongside Taiwan as the best chip and semiconductor manufacturers in the world. To that end, the U.S. has clear economic interests to protect these vital industries.
US says tariff increases on Chinese EVs, batteries and chips to start Aug. 1 https://t.co/izhsSWIQcG pic.twitter.com/ZOY0OcQP6E
— Reuters Tech News (@ReutersTech) May 23, 2024
To accomplish this, the U.S. intends to increase the tariff on Chinese electric vehicles by 400% to exceed an overall tariff rate of over 100%. Furthermore, these tariff increases also cover semiconductors which will now carry an overall tariff rate of 50%. These tariff increases by President Joe Biden will further build on existing tariffs that were originally implemented by former President Donald J. Trump.
President Trump originally placed these tariffs on China during the heightened U.S.-China trade disputes that primarily took place during President Trump's presidency. President Trump's trade dispute with China originated from his policy and efforts to even out the trade terms between the U.S. and China. Given that many of the former and current trade terms with China often lean in China's favor, in turn, often hurting U.S. businesses.
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By: SportsLifeMoney™ Staff
