U.S. imposes tariffs on Chinese steel exports

On Tuesday (May 14) local time, the White House announced that it would significantly increase tariffs on a range of Chinese imported products, including electric vehicles, chips, and medical products.

The additional tariffs imposed by the United States on Chinese goods cover multiple areas and will take effect from 2024 to 2026. The biggest increase was on electric vehicles, where tariff rates quadrupled, while tariffs on other imported products were either doubled or imposed for the first time. details as follows:

Electric vehicles, batteries, battery components, and critical minerals

The electric vehicle tariff will be significantly increased from the current 25% to 100% this year. If the 2.5% basic tariff imposed by the United States on electric vehicles is included, the final tax rate will reach 102.5%.

The tariff rate for lithium batteries for electric vehicles will increase from 7.5% to 25% this year, and the tariff rate for lithium batteries for non-electric vehicles will increase from the current 7.5% to 25% in 2026.

The tariff rate on battery components will increase from 7.5% to 25% this year.

Tariff rates on natural graphite and permanent magnets will increase from zero to 25% by 2026; rates on certain other critical minerals will increase from zero to 25% this year.

semiconductor

By 2025, the semiconductor tariff rate will increase from 25% to 50%.

Solar battery

The tariff rate for solar cells (whether assembled into components or not) will increase from 25% to 50% this year.

port crane

The tariff rate for port cranes will increase from 0% to 25% this year.

steel and aluminum

Tariff rates on certain steel and aluminum products will increase from 0-7.5% to 25% this year.

medical products

Duty rates on syringes and needles will increase from 0% to 50% this year; on certain personal protective equipment (PPE), including certain respirators and masks, they will increase from 0-7.5% to 25% this year;

By 2026, the tariff rate on rubber medical and surgical gloves will be increased from the current 7.5% to 25%.