New US tariffs on Chinese electric vehicles, batteries and solar cells could raise consumer prices
WASHINGTON (AP) — New tariffs on Chinese electric vehicles and batteries, solar cells, medical equipment and other goods are intended to protect U.S. jobs and manufacturers. They could raise prices on certain specific items, experts say, though a broad inflationary impact is unlikely in the short term.
The tariffs will be phased in over the next three years, officials said. Those that take effect in 2024 include EVs and EV batteries, along with solar cells, syringes, needles, steel and aluminum and more. Some would not take effect until 2026.
The election-year tariffs could increase friction between the world’s two largest economies. China’s foreign ministry said in a statement that the tariffs “will seriously affect the atmosphere of bilateral cooperation.”
Administration officials say they don’t expect the tariffs to significantly escalate tensions between the two counties, although China is likely to explore ways to respond to the new taxes on its products.