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Friday, 17 May 2024

The US industry is concerned that China will respond with tit-for-tat measures for US president Joe Biden's higher tariffs on Chinese imports.

Biden's new taxes hit electric vehicles (EVs), solar cells, semiconductors and more.

EV tariffs will quadruple to 100 per cent, EV lithium battery tariffs will triple to 25 per cent and non-EV lithium battery costs will increase in 2026.

Data provider Xeneta says at the least, the tariffs will add more red tape and complexity to supply chains.

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