Written by Cláudio Afonso | [email protected] | LinkedIn | X
The Biden administration is poised to unveil fresh tariffs on China next week, with a focus on key sectors such as electric vehicles, batteries, and solar cells, diverging from Trump’s broad tariff approach.
China’s response is anticipated, potentially targeting US agricultural exports, as seen during the Trump administration’s trade war.
Bloomberg reports that the tariffs, set to be unveiled on May 14, are unlikely to immediately affect Chinese firms, as most of its leading electric vehicle companies are barred from the American market due to existing auto tariffs.
This comes after Biden proposed new tariffs on Chinese steel and aluminum in April, though they’re largely symbolic as China exports minimal amounts of these metals to the US.
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.
China’s largest electric vehicle manufacturer BYD said earlier this week it will hold the global launch of its first pick up truck, the BYD Shark, in Mexico as it targets to sell more than 50,000 electric vehicles in the country this year. In 2025, BYD aims to double the number to 100,000 units.
Li said the Mexico facility will “only mainly support the Mexican market” adding BYD “is not planning to come to the US”.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
