US President Joe Biden quadruples tariffs against China. According to two different sources, the Biden administration plans to announce new customs duties on strategic sectors, including electric vehicles, for China next week.
Tax on Chinese electric vehicles will increase from 25% to 100%
It is stated that with this decision, certain sectors such as chips and solar energy equipment will be targeted. However, clear information regarding tax amounts and categories is not yet available.
It is a matter of curiosity how this decision will affect the current dynamic in the US’s trade relations with China. It is taken into consideration that the comprehensive customs duties imposed during the Trump era will cause China to respond with similar steps. It is stated that the Biden administration intends to make a significant change in trade policies by taking a tougher stance against China with these new steps. Electric vehicles of Chinese origin seem to be the beginning of this.
Although Biden stated that he did not want a trade war with China, it has not yet been resolved why he took such a step. At a time when both candidates are taking a harsher stance against the idea of free trade, the effects of the US policies against China on global trade are being closely followed.
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On the other hand, it is also an important question mark what kind of repercussions such steps of the Biden administration towards China will have, especially in the election atmosphere. Because as the elections approach, the foreign and trade policies of the candidates become more prominent and such moves may affect the preferences of the voters.
The tax rate applied to electric vehicles coming from China in Turkey is 10% + 40%. What are you thinking? Please don’t forget to share your thoughts with us in the comments section below.