Across social media, influencers are hawking Chinese car brands like BYD, Xiaomi and Zeekr with luxury features, state-of-the-art tech and affordable prices. But they’re forbidden fruit for inflation-weary Americans who can’t have them just yet.
The US imposed a 100% tariff on Chinese electric vehicles in 2024, and followed up with a ban on imports of cars with software and hardware made by rivals like China and Russia, citing national security.
That’s frustrating for Americans who’ve seen the average new-car price rise 26% since 2020 to almost $49,353 in February. Used-car prices have climbed, too, to $25,533 on average in January. As more countries across the world open their market to Chinese cars, will the US soon follow suit?
#EVs #China #Cars #Automobiles #economy #business #markets #finance
