US President Joe Biden increased the customs duty on Chinese electric vehicles from 25 percent to 100 percent. Here are all the details.
Recently, the rise of Chinese automobile manufacturers has begun to disturb some countries.
The European Union wants to prevent this rise by imposing additional taxes on Chinese brands. Now a similar move will come from the USA.
Using the Inflation Prevention Act, US President Joe Biden increased the 25 percent tax on Chinese electric vehicles to 100 percent.
In this way, Biden will try to prevent Chinese vehicles with a very high price-performance ratio from invading the US automobile market and causing losses to automobile giants in the US.
Tesla CEO Elon Musk, who sells most of his cars in China, also warned in recent months that Chinese manufacturers would destroy their domestic competitors without trade barriers.
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