On May 14, the Biden administration announced its intent to significantly increase tariffs on Chinese electric vehicles (EVs), chips, steel and aluminum products, lithium-ion batteries, solar cells, and medical supplies.
According to White House officials, the tariff hikes apply to about $18 billion of annual imports from China and will increase to up to 25 percent—triple the current level—on a stacked schedule between 2024 and 2026.
