The U.S. plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment, an election-year move that's likely to increase friction between the world's two largest economies.
The tariffs are unlikely to have much of an inflationary impact because of how they're structured, but they could contribute to a wider trade dispute, potentially leading to higher prices for consumers.
Under the findings of a four-year review on trade with China, the tax rate on imported Chinese EVs is to rise to 102.5 per cent this year, up from total levels of 27.5 per cent.
The Biden administration views China, with subsidies of its own manufacturing, as trying to globally control the EV and clean energy sectors, whereas it says its own industrial support is geared toward ensuring domestic supplies to help meet U.S. demand.
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