The tariffs target just 4.2 per cent of China’s total exports to the US.
Higher tariffs will be applied to US$18 billion worth of Chinese imports, Mr Joe Biden told union and company representatives at an event on May 14.Higher tariffs of between 25 per cent and 100 per cent will be applied to US$18 billion worth of Chinese imports, Mr Biden told union and company representatives at an event on May 14.
In a note, investment bank Nomura said that targeted products account for a mere 4.2 per cent of China’s total exports to the US and less than 1 per cent of China’s global exports. Grabbing much attention this time round is the steep hike in US tariffs on EVs from China, which will jump from 25 per cent to 100 per cent.
What could hurt China, however, is if the European Union follows in the footsteps of the US in imposing import duties on Chinese EVs.The EU is carrying out a probe into whether manufacturers of the cheap Chinese EVs flooding its markets have benefited from state subsidies. Mr Joe Mazur, senior analyst at Beijing-based consultancy Trivium China, said Beijing’s response will likely be restrained.
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