US quadruples import tariff for Chinese EVs to 100%

In a move that's meant to "protect American manufacturers", the Biden administration has quadrupled the import tariff for Chinese EVs, taking it from 25% to 100%. The reasoning here has to do with China being accused of subsidizing its own EV makers, "flooding global markets with artificially low-priced exports", and the response is ironically doing the exact same thing, aka indirectly subsidizing American car makers that have so far been unable to compete with Chinese ones on price.

Of course this means the American consumer now has no chance of buying a cheap EV in the near future, but the Biden administration doesn't seem to be at all concerned with that. If push comes to shove, more tax credits will probably arrive.

But wait, there's more. Chinese batteries for EVs have so far had a 7.5% tariff levied, and that's now gone up to 25%. Not to worry, though, since "American workers and businesses can outcompete anyone", President Biden says, just not without such 'protective' measures, it seems.

Additionally, the tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026, and the rate for "certain other critical minerals" will also go from 0 to 25% this year.