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US tariffs on Chinese-made EVs are an own goal
Politically driven, they will hurt consumers, coddle uncompetitive producers and set back climate goals.
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The biggest losers from the tariff hike will be US consumers, says the writer.
PHOTO: NYTIMES
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“I am a tariff man,” declared former US president Donald Trump in 2018, after he raised tariffs on Chinese-made electric vehicles (EVs) to 27.5 per cent. But current leader President Joe Biden has now far surpassed him by further hiking the tariffs
The sharp increase announced on May 14 was part of a broader US$18 billion (S$24 billion) move against an array of Chinese goods, including computer chips, lithium-ion batteries, solar cells and medical products. Mr Biden, speaking in the White House Rose Garden, cast the tariff hikes as a response against unfair trade practices by China and an effort to protect US jobs. “Whether it’s gas, electric or hybrid, we’re never going to allow China to unfairly control the market for these cars – period,” he said.
