US President Joe Biden has announced a sharp increase in duties on a number of Chinese imports, including photovoltaic cells used to make solar panels and batteries for electric vehicles.
This was reported by Reuters.
The increase in customs rates also affected electric vehicles, steel and aluminum, semiconductors, batteries, medical supplies, important minerals, and cranes.
Biden will maintain the tariffs imposed by his Republican predecessor, Donald Trump, while raising others.
What is the magnitude of the increase?
- the duty on photovoltaic cells, which are used to make solar panels, has doubled from 25% to 50%;
- the tariff on Chinese electric cars increased 4 times – from 25% to 100%;
- duty rates on lithium-ion batteries for electric cars and other parts of batteries increased more than 3 times – from 7.5% to 25%;
- in 2025 and 2026, the tariff rate on semiconductors, as well as graphite and permanent magnets, will also increase to 50%;
- duties on some important minerals will be increased from zero to 25%.
Analysts warn that the move could increase the overall cost of solar panels, electric cars, batteries and related goods.
Earlier, EcoPolitic reported that the US government will allocate $7 billion to expand the "Solar Energy for All" program.