???????Biden Reportedly Set To Quadruple Tariffs On Chinese EVs In Major Announcement Next Week [zero hedge]
Tesla, Inc. (TSLA)
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Source: zero hedge
???????Biden Reportedly Set To Quadruple Tariffs On Chinese EVs In Major Announcement Next Week Update (1130ET): The Wall Street Journal, citing people familiar with the matter, has revealed more details about President Biden's big announcement regarding China tariffs scheduled for next Tuesday. Officials are particularly focused on electric vehicles, and they are expected to raise the tariff rate to roughly 100% from 25% , according to the people. An additional 2.5% duty applies to all automobiles imported into the US. The existing tariff has so far effectively barred Chinese electric vehicles, often cheaper than Western-made cars, from the US market. Biden administration officials, automakers and some lawmakers worried that 25% wouldn't be enough given the scale of Chinese manufacturing. Bloomberg first reported that the Biden administration was planning to announce China tariffs on semiconductors, solar power, and electric vehicles. We suspect Beijing is actively planning a tit-for
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