Biden unveils major China tariff hikes with EV rate to hit 100%

NEW YORK/WASHINGTON -- The Biden administration on Tuesday announced a major increase in tariffs on Chinese electric vehicles and solar panels to prevent cheap products from "flooding" the U.S. market.

Chinese EVs will be subject to a 100% tariff, four times the current 25% rate, to offset "China's unfair practices and subsidies and level the playing field for U.S. automakers and auto workers," Lael Brainard, Biden's national economic adviser, told reporters ahead of the announcement.