Biden plans to raise tariffs on electric vehicles from China

The Biden administration is set to increase tariffs on electric vehicles, batteries, and solar panels imported from China, with electric vehicle tariffs potentially rising from 25% to 100%. This move aims to level the competitive field, as the U.S. believes China heavily subsidizes these industries. The announcement is expected next Tuesday, coinciding with efforts to align similar policies among G7 countries. This tariff strategy follows broader concerns about China's trade practices, including the overproduction of steel and aluminum, which President Biden addressed recently, advocating for higher tariffs to protect U.S. industries.