It is noted that the USA will announce its decision tomorrow.
US President Joe Biden intends to announce new tariffs on China on Tuesday, May 14. The “tariffs” target industries such as electric vehicles, medical supplies and “solar” equipment.
Reuters writes that, against the background of the election, Biden maintains a tough position on China, which involves maintaining tariffs on many Chinese goods, which were established by Donald Trump.
Geely was the only Chinese automaker to export 2,217 vehicles to the US in the first quarter, according to data from the China Automobile Association.
Last month, Polestar CEO Thomas Ingenlath said the company is accelerating efforts to produce more cars outside of China. According to him, Polestar aims for 40% of sales to be in Europe, 30% in the US and 30% in the Asia-Pacific region.
Last year, Ingenlath announced that Polestar would begin production in South Carolina for the US and European markets in 2024.
China’s market is small, and exports to the US have been subject to tariffs for over a decade. Additional tariffs were also recently imposed on several Chinese solar panel manufacturers that assemble them in Southeast Asia.
According to the Center for Strategic and International Studies, a Washington-based think tank, more than 80% of solar panel production today is in China, and the cost of making panels in China is 60% cheaper than in the US.
China exported $3.35 million worth of solar panels to the US last year, accounting for less than 0.1% of China’s total exports.
Chinese-made medical products, such as syringes and personal protective equipment, are also subject to additional US tariffs. According to the WTO, in 2022, China exported $30.9 billion worth of medical products to the US, accounting for about one-fifth of China’s total medical product exports.
The expected tariffs are part of the Biden administration’s broader strategy to protect the U.S. from supply shortages seen during the pandemic.
In April, Biden also called for tripling US tariffs on Chinese steel products. According to a US official, it will affect more than $1 billion worth of steel and aluminum products.
US President Joe Biden’s administration is poised to open a new front in its efforts to protect US AI from China and Russia.
In the first quarter of 2024, the US overtook China as Germany’s top trading partner. Last year, Beijing remained Berlin’s main trading partner for the eighth consecutive year.
