Biden Weighs Tariffs on Chinese EVs to Bolster U.S. Industry
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The Biden administration is considering raising tariffs on Chinese electric vehicle (EV) exports to the U.S., according to a Wall Street Journal report.
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The move may be part of Biden's attempts to bolster the U.S. clean energy industry against cheaper Chinese exports.
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Currently there are few fully manufactured Chinese cars imported to the U.S., but there is concern this could change as China looks to expand EV export markets.
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There are trade-offs to consider - cheaper Chinese EVs could speed adoption of electric vehicles in the U.S., but could also threaten U.S. auto manufacturing jobs.
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The administration has to balance bringing EV manufacturing jobs back to the U.S. against the potential for increased costs and inflation from overly protectionist policies.