The Biden administration recently announced a 102% tariff on electric vehicles produced in China. The idea behind the move is to ensure American workers keep their jobs and to protect the US auto industry from unfair trade practices. It's supposed to help companies like Ford, which builds the F-150 Lightning electric truck, and General Motors, which just launched the Chevy Equinox EV.
The China tariffs aren't just on electric vehicles. There are also tariffs on steel, aluminum, semiconductors, batteries, and battery components. That's a comprehensive list and China, unsurprisingly, is none too happy. Making China happy wasn't the goal, but neither was inadvertently hurting US automakers, which some believe could be the unintended consequences of the new tariff.
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