President Joe Biden held a press conference Tuesday extolling the tariffs on Chinese products — including steel, aluminum, electric vehicles, solar panels and semiconductors — he is rolling out. The president argued that China aggressively subsidizes the products America imports, which makes it difficult for U.S. businesses to compete.
“Back in 2000, when cheap steel from China began to flood the market, U.S. steel towns across Pennsylvania and Ohio were hit hard,” Biden said.
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President Joe Biden suggested Tuesday it is false that his administration is restricting consumer choice in the automobile market, but his administration recently finalized a rule that will force electric vehicles (EVs) to make up a much larger share of overall auto sales over the next decade.
Biden made the remark during a Tuesday speech about his administration’s decision to significantly bolster tariffs against Chinese products including steel, semiconductor chips and EV batteries. The Environmental Protection Agency (EPA) finalized a rule in March that requires manufacturers to make EVs constitute between 35 percent and 56 percent of new cars sold in 2032, according to CNN.
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The Biden administration on Tuesday formally announced significant increases in tariffs targeting imports of electric vehicles (EVs) and other green energy technology from China.
The strengthened tariffs are designed to make it harder for cheaper Chinese green products, like electric vehicles, to flood the U.S. market and displace American companies, the White House said in its official announcement. Beyond EVs and critical minerals, the administration is also increasing tariffs on Chinese steel, computer chips, EV batteries and certain solar components.
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An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an “extinction-level event” caused by Chinese competitors.
The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could “demolish” domestic EVs, often $40,000 more expensive.
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Detroit placed the U.S. on wheels but if Motor City wants to go electric it faces fierce global competition.
Chinese electric vehicle maker BYD outsold Tesla in the fourth quarter of 2023. The foreign automaker said it produced more than 3 million new energy vehicles in 2023 compared to Tesla’s 1.8 million.
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