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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.

Read more on asia.nikkei.com