Joe Biden is throwing the kitchen sink at a key part of China’s economy.
Joe Biden is about to almost quadruple the tariffs on Chinese electric vehicles which, at face value, is odd, given that the US only imports a relative handful of Chinese EVs.
While imports of Chinese EVs to the US last year were a modest $US368 million , the punitive tariffs regime comes amid global concerns about the flood of cheap Chinese exports of key components of the green economy. With the average selling price of those vehicles more than twice what they would return within China but about 40 per cent cheaper than European-built EVs, there’s an obvious concern on both sides of the Atlantic that a flood of Chinese EVs could wipe out their domestic automobile industries.
China dominates the manufacturing for most of the green technologies, producing about 80 per cent of the world’s solar panels, a similar global share in batteries and 60 per cent in EVs as part of the national strategy, supported by layers of subsidies and non-financial support, developed over more than two decades.
The EU has started requiring customs registration of Chinese EV imports in case it decides to apply retrospective tariffs, with EU officials hinting earlier this month that tariffs could be imposed mid-year. While China says it competes fairly and criticises the responses from Western governments as protectionist its state-driven economic model is inherently built on identifying and subsidising, via all mechanisms possible, industries where it believes it can gain competitive advantage and dominate globally.
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