US imposes tariffs on imported goods such as electric vehicles from China

On May 22 local time, the Office of the United States Trade Representative (USTR) announced that some measures to significantly increase tariffs on a series of Chinese imported goods, including electric vehicles and their batteries, computer chips, and medical products, will take effect on August 1.

Effective from August 1st:

● The 301 tariff rate for steel and aluminum products has been increased from 0-7.5% to 25%, including iron and non alloy steel ingots, stainless steel, and aluminum alloys;

● The tariff on electric vehicles will increase from 25% to 100%;

● The tariff rate for ship shore gantry cranes will be increased from 0% to 25%;

● The tariff rate for photovoltaic cells (whether assembled into modules or not) will be increased from 25% to 50%;

● The tariff rate for N95 masks, non disposable textile masks, and non N95 respirators will be increased from 0-7.5% to 25%;

● The tariff rate for lithium-ion electric vehicle batteries will be increased from 7.5% to 25%;

● The tariff rates for certain other key minerals, including cobalt, aluminum, zinc, chromium, tungsten concentrates, and iron nickel alloys, will be increased from 0% to 25%;

● The tariff rate for syringes and needles will be increased from 0% to 50%.