[News] U.S. Reportedly to Announce New Tariffs on Chinese EVs and Other Products as Early as Next Tuesday
According to sources cited in a report from Bloomberg, the US administration is expected to announce its decisions on tariffs for imported goods from China as early as next week. The tariff decision is anticipated to target key strategic industries, including electric cars, The tariff decision is anticipated to target key strategic industries, such as electric cars, and will reject the across-the-board hikes sought by previous policies.
Bloomberg further indicates that the latest tariff decision is the culmination of a review of the final outcome of the so-called Section 301 tariffs, which were initially implemented during the previous US administration starting in 2018.
The US government is now preparing to impose targeted new tariffs on key industries such as electric cars, batteries, and solar cells. The full decision statement is expected to largely maintain existing tariffs.
Two sources cited by the report stated that the US government plans to announce this tariff policy next Tuesday. The full details are currently unclear.
Regarding this matter, the White House has declined to comment.
Besides the rumored new tariffs, per an announcement of the US government, it indicated that the US government would triple the tariff rate on steel and aluminum imports from China. The US believes it is necessary to strengthen countermeasures against products overcapacity and non-market investments from the Chinese government.
The punitive tariff rate was previously at 15%. In 2020, during the administration of the previous government, it decreased to 7.5% after the US-China trade negotiations reached an agreement. If the rate triples, it will approach the highest level of punitive tariffs, nearly 25%.
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Please note that this article cites information from Bloomberg, South China Morning Post and Reuters.
