On Tuesday, the US administration announced tariffs of 25% on steel and aluminum, 50 percent on semiconductors, 100% on electric vehicles, and 50% on solar panels.
During a visit to Sweden, German Chancellor Olaf Scholz was asked about the 400 percent increase in tariffs on Chinese-made electric vehicles. The Chancellor pointed out that half of the EVs imported from China were produced by Western manufacturers.
Swedish Prime Minister Ulf Kristersson also commented saying he considers the hike a bad idea.
“As far as tariffs are concerned, we are in agreement that it is a bad idea to dismantle global trade,” Kristersson said in a press conference.
In a post on the social media platform X, Joe Biden said that “China is determined to dominate these industries” while enhancing that he is “determined to ensure America leads the world in them”.
The shares of the Chinese EV makers Nio and Xpeng closed higher on Tuesday despite the confirmation of the huge increase in China-made energy goods including electric vehicles.
In the last quarter of last year, electric vehicle 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 country increased from 5.9 to 7.6 percent compared to the previous year.
