President Biden is expected to announce new tariffs on Chinese electric vehicles this week, raising the rate to 102.5% from 27.5%, according to reports. Yahoo Finance Senior Columnist Rick Newman discusses what this could mean for consumers purchasing electric vehicles.
Newman explains that virtually no Chinese electric vehicles are currently on sale in the United States. Therefore, the tariffs will not raise prices on any electric vehicles Americans are likely to purchase.
Newman notes that Chinese electric vehicles are relatively cheap. At the normal tariff rate, US consumers could purchase one for about $12,000. However, the tariffs are designed to keep Chinese electric vehicles out of the American market to protect the domestic auto industry.
The move comes as the Biden administration’s latest effort to develop key domestic supply chains.
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