Biden rumored to announce quadrupling of tariffs on Chinese EVs, up to 100%

Are Chinese EVs about to become a lot more expensive in the US?

Rumors suggest that the US government is planning to quadruple tariffs on Chinese EVs from 25% to 100%.

This move is part of a wider plan to extend and expand tariffs on various Chinese goods.

The significant tariff increase could effectively double the price of Chinese EVs in the US,

making them less competitive in the market.

This comes as Chinese EVs have been rapidly gaining popularity, with a market share of 37% in China.

This isn't the first time the US has taken steps to limit the Chinese auto industry's presence.

The Inflation Reduction Act included measures to restrict Chinese-sourced EVs from benefiting from US tax credits.

Stay tuned for the official announcement on Tuesday to see how this could impact the future of Chinese EVs in the US market.