Mobility Portal, Spain
Date: May 13, 2024
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By Mobility Portal
United States

The U.S. could apply new tariffs to Chinese EVs: How will it affect the market?

According to sources, Joe Biden will announce new tariffs on China tomorrow, targeting sectors including EVs, medical supplies, and solar equipment. The anticipated move comes ahead of the November presidential elections.
EV polestar

Joe Biden, President of the United States (U.S.), is set to announce new China tariffs as soon as Tuesday, targeting sectors including electric vehicles (EVs), medical supplies and solar equipment, according to people familiar with the matter.

The expected move by the Biden administration comes ahead of the November presidential election.

Biden, a Democrat seeking re-election, has taken a tough-on-China approach that would maintain existing tariffs on many Chinese goods set by former President Donald Trump, his expected Republican challenger.

However, the Asian giant exports few EVs to the United States.

In the first quarter, Geely was the only Chinese automaker to export to the U.S. with 2,217 cars, according to data from the China Passenger Car Association.

The firm, which has sold some EVs in the U.S. market under its Polestar brand, did not immediately respond to a request for comment.

China’s Geely and Sweden’s Volvo Cars founded EV maker Polestar Automotive, which makes most of its cars in China. Volvo is majority-owned by Geely.

Thomas Ingenlath, Polestar CEO, told Reuters last month the company is accelerating efforts to produce more vehicles outside China.

Polestar aims for a sales breakdown of 40 percent in Europe, 30per cent in the United States and 30 per cent in the Asia-Pacific region, he said.

Ingenlath told Reuters last year that Polestar will start production in South Carolina for U.S. and European markets from 2024.

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