Report: Biden plans to impose a 100 percent tax on imported Chinese electric vehicles.

President Biden Set to Quadruple Tariffs on Chinese Electric Vehicles

In a move that could have significant implications for the electric vehicle (EV) market, President Biden is reportedly set to announce a plan to quadruple tariffs on Chinese EVs. This decision comes as part of a broader strategy of American protectionism targeting various sectors, with a focus on renewable energy technologies and resources.

According to The Wall Street Journal, the new tariffs could cover a wide range of products, from minerals to batteries and solar panels. The most immediate impact will be felt in the EV sector, with tariffs set to increase from the current 25 percent to 100 percent. Additionally, a 2.5 percent tax on car imports could also be implemented.

The existing tariffs have been effective in keeping Chinese brands like BYD out of the US market. However, the Biden administration is reportedly concerned that these measures may not be sufficient to prevent the influx of ever-cheaper Chinese cars that could undercut domestic car prices by thousands of dollars. The combination of a 100 percent tariff and shipping costs could significantly impact the competitiveness of Chinese EVs in the US market.

While tariffs may offer short-term benefits in terms of protecting domestic industries, they also come with significant drawbacks. The sizable trade deficit between the US and China makes it easier for China to retaliate with its own tariffs, potentially escalating into a trade war. Additionally, tariffs can complicate the Biden administration’s efforts to reduce transportation emissions, as cheaper electric vehicles from China could help accelerate the transition to clean energy.

The Biden administration has cited security concerns as a justification for the new tariffs. However, critics argue that automotive protectionism has historically been used to prop up non-competitive domestic industries at the expense of consumers. This move is seen as prioritizing industry interests over the needs of American drivers, potentially limiting consumer choice and raising prices for consumers.

While there are concerns about the potential entry of Chinese automakers into the US market, the focus of these tariffs appears to be on protecting domestic industries rather than ensuring consumer welfare. The impact of these measures on the EV market remains to be seen, but it is clear that President Biden’s decision will have important implications for the future of electric vehicles in the US.

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