- Tariff rate on certain steel and aluminum products under Section 301 will increase from 0-7.5% to 25% in 2024
- Tariff rate on semiconductors to increase from 25% to 50% by 2025
- The tariff rate on electric vehicles will increase from 25% to 100% in 2024
- Customs duty rate on lithium-ion batteries for electric vehicles will increase from 7.5% to 25% in 2024
- Customs duty rate on lithium-ion batteries not intended for electric vehicles will increase from 7.5% to 25% in 2026
- The duty rate on solar cells will increase from 25% to 50% in 2024
It certainly took Biden long enough to get here, having followed Trump beforehand. And it certainly only further escalates tensions between the United States and China. The above announcement was already reported here earlier in the week.
This article was written by Justin Low at www.forexlive.com.
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