US President Joe Biden announced a 100 per cent tariff on Chinese-made electric vehicles as part of a package of measures designed to protect manufacturers from cheap imports.
In addition to increasing the customs duty on electric vehicles from 25 per cent to 100 per cent, taxes were also increased for batteries. Customs data will be increased from 7.5 percent to 25 percent for lithium batteries, from zero to 25 percent for critical minerals, from 25 percent to 50 percent for solar cells and from 25 percent to 50 percent for semiconductors.
Customs duties ranging from zero to 7.5 percent on steel, aluminium and personal protective equipment will rise to 25 percent. The new customs duties will take effect after 90 days.
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