The Biden Administration quadrupled tariffs on Chinese electric vehicles to 102.5%, aiming to counter China's subsidies and protect American manufacturing jobs. The move is part of an effort to prevent China from claiming a larger share of the global market with underpriced products.
Treasury Secretary Janet Yellen highlighted the risk posed by China's subsidized electric vehicle industry flooding the global market, threatening the competitiveness of American and foreign firms. President Biden has maintained Trump-era tariffs on China to bolster U.S. manufacturing.
#biden-administration #tariffs #chinese-electric-vehicles #american-manufacturing #china-us-relations
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