Senate Democrats urge Biden admin to hike tariffs on Chinese EVs
$Tesla (TSLA.US)$ $BYD COMPANY (01211.HK)$ $NIO Inc (NIO.US)$ $XPeng (XPEV.US)$ The article reported that three Senate Democrats on Thursday urged the Biden administration to hike import tariffs on Chinese electric vehicles to address national security risks, the latest push by lawmakers to protect the U.S. auto sector.
"Allowing heavily subsidized Chinese vehicles to enter the U.S. marketplace would endanger American automotive manufacturing," said the letter from Senators Gary Peters and Debbie Stabenow of Michigan and Sherrod Brown of Ohio seen by Reuters.
"Artificially low-priced Chinese EVs flooding the U.S. would cost thousands of American jobs and endanger the survival of the U.S. automotive industry as a whole."
Comment: It is no secret that Chinese EVs received heavy subsidies. I think the US impose tariff based on EV battery made in China hence even BYD EVs bulit in Mexico are not exempted from such heavy tariffs. The main purpose is to be less reliant on China.
Source:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Stellantis NV (STLA.US)$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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