- Tariff rate on certain steel, aluminum products under Section 301 to increase from 0-7.5% to 25% in 2024
- Tariff rate on semiconductors to increase from 25% to 50% by 2025
- Tariff rate on electric vehicles to increase from 25% to 100% in 2024
- Tariff rate on lithium-ion EV batteries to increase from 7.5% to 25% in 2024
- Tariff rate on lithium-ion non-EV batteries to increase from 7.5% to 25% in 2026
- Tariff rate on solar cells to increase from 25% to 50% in 2024
It sure took Biden long enough to get to this, following up from Trump beforehand. And this only serves to escalate tensions further between the US and China surely. The announcement above was already flagged earlier in the week here.
This article was written by Justin Low at www.forexlive.com.
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