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China is likely to hit back against US tariffs on electric vehicles, Wedbush's Dan Ives says [Business Insider]
Last tesla, inc. earnings: 4/29 04:11 pm
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Ives said rising competition from cheap Chinese EVs would pose risks to the US domestic EV market. Sign up to get the inside scoop on today's biggest stories in markets, tech, and business — delivered daily. Read preview China is likely to retaliate against the move by President Joe Biden's administration to impose new tariffs on electric vehicles from China, says Wedbush's analyst Dan Ives. The Wall Street Journal reported on Friday that the White House is set to increase tariffs on China EVs from about 25% to roughly 100%, alongside an extra 2.5% duty on all imported cars into the US. The tariffs will also hit other sectors, including solar goods and minerals, according to the Journal. "Retaliatory definitely could happen. This Game of Thrones continues to play out," Ives said in an interview with Bloomberg on Friday, noting that the added competition from cheap EVs hitting the US market would be tough for Tesla to deal with. China's major EV producer, BYD, has avoided th
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