The administration of US President Joe Biden announced an increase in duties on a wide range of Chinese goods, including electric vehicles, semiconductor components, batteries, solar panels and minerals. As a result, in 2024-2026, the increase in duties will affect Chinese exports worth about $18 billion per year. The most impressive increase will affect duties on Chinese electric vehicles – from 2024 they will increase fourfold — to 100% from the current 25%. Duties on semiconductor components will increase from 25% to 50% from 2025. Duties on lithium-ion batteries for electric vehicles will increase from 7.5% to 25% from 2024, and a similar increase for lithium-ion batteries intended for other purposes will occur in 2026. Duties on natural graphite will increase from zero to 25% in 2026, and for a number of other types of mineral raw materials — this year. Duties on solar cells, both modular and non-modular, will be increased from 25% to 50% this year. Duties on steel and aluminum products from China will rise from the current 0-7.5% to 25% this year. The head of the National Economic Council (NEC), Leil Brainard, said that «these measures will ensure that the historic job creation investments made by the Biden administration will not be undermined by the influx of unfairly cheap Chinese goods.»
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