The US government is set to impose new, targeted tariffs on some key sectors, including Chinese EVs, batteries and solar equipment, according to Bloomberg.
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US President Joe Biden's administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that's expected to target key strategic sectors while rejecting across-the-board increases sought by Donald Trump, Bloomberg said in a report today, citing people familiar with the matter.
The US government is set to impose new, targeted tariffs on a number of key sectors, including Chinese electric vehicles (EVs), batteries and solar equipment, according to the report.
The full announcement is also expected to largely maintain the existing levies, the report said, adding that an announcement is scheduled for Tuesday, two people familiar with the matter said.
The decision is the final result of a review of so-called Section 301 tariffs first imposed under Trump, full details of which were not immediately available, the report noted.
Yesterday, Reuters reported that the US could take "extreme action" by banning Chinese connected cars or imposing restrictions on them.
The US Commerce Department is reviewing public comments due by April 30 on an investigation launched by the Biden administration in February into whether Chinese car imports pose a national security risk, Reuters quoted Commerce Secretary Gina Raimondo as saying.
Relatively few Chinese-made EVs have been imported into the US under the shadow of geopolitical concerns, although some industry participants have called for the country to be more accommodating to Chinese vehicles.
"We have some test cars in the US office, and it was the ES8 that I rode to the airport today," Nio founder, chairman, and CEO William Li said on May 4, adding, "I hope Chinese-branded cars can be sold in the US soon."
Li visited the US over the just-concluded Labor Day holiday and met with Jensen Huang, CEO of chip giant Nvidia, and discussed the direction of artificial intelligence.
In a speech at Harvard University on April 13, Li called for cooperation in a more divided world.
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