America wants cheap EVs, unless they come from China
Tariff déja vu. President Joe Biden announced new tariffs on $18 billion worth of imports from China this week, including electric vehicles, solar cells and semiconductors. The White House accused Beijing of unfairly subsidizing manufacturing and dumping underpriced goods into international markets. This move will ratchet up tariffs imposed by former President Donald Trump, and in the case of EVs, quadruples them.
What do tariffs do? They disincentivize importing foreign goods and encourage consumers to buy American instead.
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