Today, the White House of the United States announced that Biden would raise tariffs on Chinese steel and aluminum, semiconductors, electric vehicles, batteries, key minerals, solar cells, ships, cranes, medical supplies, etc.
Electric vehicles: tariff will be increased from 25% to 100%.
Batteries, battery components and parts as well as key minerals: the tariff of lithium ion EV batteries will be increased from 7.5% to 25%, that of non EV batteries from 7.5% to 25%, and that of battery parts from 7.5% to 25%; The tariff of natural graphite and permanent magnet will be increased from 0 to 25%.
In addition, the tariff increase involves other aspects, as follows:
Solar cells: In 2024, the tariff of solar cells (whether assembled or not) will be increased from 25% to 50%.
Steel and aluminum: In 2024, the tariff of some steel and aluminum products will be increased from 0-7.5% to 25%.
Semiconductor: By 2025, the tariff of semiconductor will be increased from 25% to 50%.
Shore to shore cranes: In 2024, the tariff for shore to shore cranes will be increased from 0% to 25%.
Medical products: In 2024, the tariff of syringes and needles will be increased from 0% to 50%, the tariff of some personal protective equipment (PPE) will be increased from 0-7.5% to 25%, and the tariff of rubber medical and surgical gloves will be increased from 7.5% to 25%. |