Biden raises tariffs on Chinese EVs, batteries, and semiconductors to protect US economy

From Investor’s Business Daily: 2024-05-14 16:07:00

President Biden raised tariffs on electric vehicles and clean-energy goods from China, aiming to protect the U.S. economy. Solar stocks surged in response. The new trade policy includes 100% tariffs on Chinese EVs and other items. China’s EV exports grew by 70% in 2023. Biden has been focused on boosting the U.S. clean-energy sector.

The Biden administration also announced tariffs on Chinese critical minerals, solar goods, batteries, and semiconductors. Solar stocks like Sunnova Energy and Enphase Energy made notable gains. Despite tariffs, China’s exports have soared, affecting the U.S. and European economies. Biden’s tariffs aim to protect American manufacturers and clean-energy stocks.

In 2019, the Solar Energy Industries Association reported significant job and investment losses due to previous tariffs. Clean-energy stocks have fluctuated in response to tariffs, with some experiencing losses this year. Additional U.S. tariffs on China could impact companies benefiting from low-cost energy battery systems. Notably, First Solar has seen recent gains amidst industry challenges.



Read more at Investor’s Business Daily: Biden Just Hiked Tariffs On China EVs, Lithium-Ion Batteries And Semiconductors