Written by Cláudio Afonso | [email protected] | LinkedIn | X
The upcoming week can see tariffs on clean-energy goods from China increasing as much as 400 percent. When it comes to the tariffs on electric vehicles manufactured in China, US officials expect to raise the tariff rate from 25 percent to nearly 100 percent, sources told WSJ.
The announcement from the Biden Administration is expected to be made on Tuesday, May 14, impacting critical minerals, solar products, and batteries sourced from China. Noteworthy, all imported automobiles are currently subject to an additional 2.5% duty.
In response to the significant raise of clean-energy products from China,US officials are striving to protect America’s emerging clean-energy sector from Chinese competition.
According to the Washington Post report, Trump reaffirmed in a meeting with top U.S. oil executives that he is committed to reversing many of the measures Biden implemented to combat climate change including electric vehicles.
In the last quarter of 2023, electric vehicle (EV) sales in the US surged by 40 percent compared to the previous year, reaching nearly 1.2 million vehicles, according to data from Cox Automotive. Additionally, the total EV market share in the US increased from 5.9 to 7.6 percent compared to the previous year.
In a interview last February, BYD executive vice president and CEO of BYD Americas, Stella Li, said the automaker is not planning to launch EVs in the US.
Li said the recently announced Mexico plant will “only mainly support the local market” adding BYD “is not planning to come to the US”.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
