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Trade Trends News
26-12-2023
The US Biden administration is discussing raising tariffs on some Chinese goods, including electric vehicles (EVs), people familiar with the matter said.
China's auto exports, which have risen in recent years, are expected to grow 25 percent to 5.3 million units next year, driven by overcapacity and slowing domestic demand in the world's largest auto market, China Merchants Bank International said.
The WSJ report comes after a bipartisan group of U.S. lawmakers last month asked the administration to raise tariffs on Chinese-made cars and investigate ways to block Chinese companies from exporting to the U.S. from Mexico.
Chinese cars currently face a 25 percent tariff that was introduced during the administration of former President Donald Trump and extended by his successor.
The U.S. government is discussing Trump-era tariffs on about $300 billion of Chinese goods, with the goal of completing a long-term review of the tariffs early next year, the newspaper added.
In addition to potentially raising tariffs on clean energy products, the Biden administration is also considering lowering tariffs on some Chinese consumer goods that officials don't consider strategically important, the newspaper said.
Foreign automakers, including Tesla (TSLA.O), also use China as a major export center.
Lawmakers said earlier that U.S. automakers are exporting Chinese-made cars to the U.S., suggesting that current import tariffs aren't enough.
A spokesman for China's foreign ministry said at a regular press conference on Thursday that China will closely monitor the developments and take necessary measures to safeguard its legitimate interests.
The Office of the U.S. Trade Representative and the National Security Council did not immediately respond to Reuters' requests for comment.
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