The Biden administration is considering increasing tariffs on some Chinese products related to his green agenda, like electric vehicles (EV), in an effort to boost poor market demand and protect domestic industries, according to The Wall Street Journal.
Officials are considering setting higher rates on the already existing tariffs originally placed under the Trump administration, covering around $300 billion in Chinese goods, with Chinese EVs already having a 25% import tax, according to the WSJ. New tariffs could help domestic EV manufacturing, which has struggled with stagnant market demand, only rising from 3% in January to 4% in September of total vehicles sold in the U.S., while the share of EVs produced out of all vehicles has risen from 3% to 6% in that same time frame.
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