Who’s afraid of China’s electric vehicles? President Joe Biden. The president is preparing to announce higher tariffs on imported Chinese EVs, effectively closing out the possibility that the country will be able to afford to import its much cheaper and, in many cases, more desirable plug-in vehicles to the United States.
The concern is that Chinese EVs are so cheap — BYD’s Seagull sells for around $10,000 — that domestic automakers couldn’t possibly compete. Other politicians have called for an outright ban of Chinese-made EVs. Fear of Chinese-made EVs has guided much of the Biden administration’s consumer and manufacturing policies over the past three years. The $7,500 EV tax credit, for example, is structured in a way to encourage automakers to source their batteries from within the US or its trade partners.
Source: News Formal (newsformal.com)
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