Foreign media: Biden will impose new tariffs on China’s new energy vehicles and solar industry
2024-05-10 17:54

U.S. President Joe Biden is expected to announce new tariffs targeting China's strategically competitive industries as soon as next week, according to people familiar with the matter. According to the person, the announcement will be made as soon as next Tuesday.

Specific details on the tariffs that will be imposed are unclear, but the administration is said to have focused on areas within strategic competition and national security areas, the person said.

Bloomberg reported that the new tariff policy will specifically include electric vehicles, batteries, solar equipment, and other industries.

Foreign media believe that this policy represents one of Biden’s biggest moves in facing China’s economic competition. Last month, Biden proposed raising tariffs on Chinese steel and aluminum and formally launching a new investigation into China's shipbuilding industry.

However, it is generally believed that one of the main goals of Biden's frequently proposed tariff policies this year is to attract the votes of American workers and thus compete with Trump. For example, last month's proposal to impose a 25% new tariff on Chinese steel and aluminum was considered one of the ways to attract the votes of American workers. It was only a symbolic proposal without practical significance, because in fact, China imposed tariffs on American steel, The export of aluminum is very small.

Foreign media analysts believe that these tariff policies may have little impact on Chinese companies. In terms of new energy vehicles, China’s new energy vehicles have been shut out due to U.S. auto tariff policy restrictions. In terms of solar energy, Chinese companies mostly export to the United States from third countries to avoid restrictions, and U.S. companies are also seeking to impose higher tariffs on this trade.