Chinese Goods (Particularly EVs) Could Get A Lot More Expensive For Americans
It might be time to bid farewell to the era of cheap imports.
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Subscribe for free to get more stories like this directly to your inboxInflation has caused the price of just about everything to increase substantially over the past several years. But when it comes to items imported from China, there’s another reason costs might start soaring across the U.S.
“I’m looking for competition”
While electric vehicle prices have become quite expensive, China has proven to be an exception to that rule. We recently told you about how the nation is flooding much of the world with more affordable EVs.
That might sound good to consumers, but it’s not what the U.S. government wants to see. President Joe Biden is prepared to take action in the coming days with tariffs that could as much as double the cost of imported vehicles from China.
It’s the latest move to thwart the influx of cheap goods, which officials from across the political spectrum say can hamper the domestic economy. With EVs in particular, Biden is concerned that inexpensive Chinese imports represent a threat to U.S. efforts to expand the green energy sector.
“I’m not looking for a fight with China,” he said. “I’m looking for competition — and fair competition.”
“Tariffs are not enough”
There’s bipartisan support for levies on Chinese imports, as evidenced by the 2018 tariffs imposed by then-President Donald Trump. But some lawmakers don’t think an added cost is sufficient — particularly when it comes to EVs.
Sen. Sherrod Brown (D-OH) recently advised: “Tariffs are not enough. We need to ban Chinese EVs from the US. Period.”
The current 25% levy on Chinese EVs could spike to as much as 100% as part of the president’s plan. Biden is also considering “tripling the tariff rates for both steel imports and aluminum imports from China” if the country is found to be selling the metals at artificially low prices to undercut domestic production.
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